.July 18, 2024 04:48:00 PM

Goldman Sachs analysts reiterated a Buy rating on Apple (NASDAQ:AAPL) with a price target of $265, expecting Apple to beat EPS estimates for Q3/24, to be reported on August 1. They forecast Q3 revenue of $85.1 billion, up 4% year-over-year, and EPS of $1.36, higher than the Street estimate of $1.33. Anticipating double-digit revenue growth in iPad and Mac segments, along with 15% growth in Services, analysts see Apple benefiting from an increase in iPhone shipments driven by new product innovations and AI features, boosting overall EPS growth to a 12% CAGR from fiscal 2023 to 2027.

Apple’s ability to increase the number of devices per user and strategic price/mix improvements are expected to drive significant gains, making it a strong buy ahead of the earnings report.