Goldman Sachs raises Apple price target to $320 on strong demand

iPhone 17 features the Center Stage front camera, a fantastic 48MP Dual Fusion camera system, a bigger and brighter 6.3-inch display with ProMotion, and great all-day battery life.
Goldman Sachs hiked its price target on Apple to $320 from $279, while keeping its Buy rating intact, in the wake of the company’s Q4 earnings release.
Investing.com:
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Apple reported stronger-than-expected earnings per share for the fiscal fourth quarter, with a beat in Services revenue offsetting a miss in iPhone revenue. Goldman Sachs noted that iPhone demand was “very strong” with the revenue miss attributed to supply constraints rather than demand issues.
Apple provided first-quarter revenue growth guidance of 10-12% year-over-year, including double-digit iPhone revenue growth and approximately 14% Services revenue growth. The firm believes Apple is entering a “multi-year upgrade cycle” strengthened by upcoming AI software improvements, potential foldable iPhone introduction in 2026, and continued product ecosystem investments. This projected growth represents a significant acceleration from Apple’s last twelve months revenue growth of 5.97%.
Services revenue grew 15% year-over-year with acceleration across several key categories, which Goldman Sachs views as evidence of a growing iPhone installed base and increasing attachment rates for services like iCloud+, AppleCare, and Apple One.
Gross margins were 47.2% despite $1.1 billion in tariff costs, with Apple guiding for what Goldman Sachs expects to be record gross margins of 47-48% in the first quarter of fiscal 2026, reflecting product mix advantages and growing use of in-house technologies.

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MacDailyNews Take: Apple surpassing the $100 billion mark in a fiscal fourth quarter is a big milestone!
Here are Apple’s highest revenue totals for each fiscal quarter (all but Q2 2020 occurred this year):
• Q125 (Oct–Dec): $124.3 billion
• Q222 (Jan–Mar): $97.3 billion
• Q325 (Apr–Jun): $94.0 billion
• Q425 (Jul–Sep): $102.5 billion

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