Apple Inc. (AAPL): F3Q26 preview: Expect beat driven by Products, iCloud & AppleCare+ to offset App Store slowdown

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Apple Inc. (AAPL): F3Q26 preview: Expect beat driven by Products, iCloud & AppleCare+ to offset App Store slowdown

Equity Research

27 July 2026 | 5:18AM EDT

(AAPL)Apple Inc.

F3Q26 preview: Expect beat driven by Products, iCloud & AppleCare+ to offset App

Store slowdown

AAPL 12m Price Target: $370.00 Price: $333.02 Upside: 11.1% BUY

Michael Ng, CFA

AAPL is outperforming since the start of C2Q26 as (a) investors +1(212)902-8618 | michael.ng@gs.com

Goldman Sachs & Co. LLC

rotated away from traditional AI infrastructure trades, (b) AAPL has

Katherine Murphydemonstrated market share gains amidst industry-wide price +1(212)902-1151 | katherine.a.murphy@gs.com

increases due to memory cost inflation, and (c) concerns around AI Goldman Sachs & Co. LLC

disruption have been somewhat addressed given the promising Yash+1(212)934-6312Goenka,| CFAyash.goenka@gs.com

progress in Apple Intelligence following WWDC. Though the stock Goldman Sachs India SPL

initially reacted negatively to announced price increases to Mac and

Key Data _____________________________________iPad in June, we expect existing price increases (and to the extent

Market cap: $4.9tr

more price increases are announced) to reinforce longer-term Enterprise value: $4.8tr

earnings growth over the next few quarters as (a) we believe Apple’s 3m ADTV:United$16.5bnStates

user base is relatively price inelastic given brand stickiness, US Americas Hardware, Media, Cable, Telco

M&A Rank: 3

carrier subsidies, and availability of recent low-cost product GS Forecast __________________________________

launches (iPhone 17e, MacBook Neo), and (b) concerns around 9/25 9/26E 9/27E 9/28E

margin sustainability are somewhat addressed given ongoing Revenue ($ mn) New 416,161.0 482,632.9 517,583.9 539,330.7