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Goldman Sachs Remains Bullish on Apple Ahead of Earnings
Jul 18, 2024 8:48 PM - Davit Kirakosyan(Last modified: Jul 19, 2024 2:45 AM)
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Goldman Sachs analysts reiterated their Buy rating on Apple (NASDAQ:AAPL) with a price target of $265, expecting Apple to beat EPS estimates for Q3/24, scheduled to be reported on August 1.
The analysts 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. They anticipate double-digit revenue growth in iPad and Mac segments, along with 15% growth in Services. The analysts see Apple benefiting from an increase in iPhone shipments driven by new product innovations and AI features, which should boost overall EPS growth to a 12% compound annual growth rate (CAGR) from fiscal 2023 to 2027.
Apple’s ability to increase the number of devices per user and its strategic price/mix improvements are expected to drive significant gains, making it a strong buy ahead of the earnings report.
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