Apple (AAPL) Stock: Goldman Calls Weakness a Buying Opportunity

TLDR

• Apple stock has dropped about 5-6% year-to-date, creating what Goldman Sachs calls a buying opportunity before earnings on January 29
• Goldman Sachs forecasts 13% iPhone revenue growth for Q1 fiscal 2026, while Evercore ISI predicts an even stronger 17% increase
• Citi expects Apple sold 82 million iPhone units in the December quarter, beating consensus estimates
• Goldman anticipates the upcoming iPhone Fold will ship 4.5 million units in fall 2026 and 25.4 million in fiscal 2027
• Services revenue is expected to grow 14% despite App Store spending slowing to 7% growth

Apple shares have stumbled out of the gate in 2026. The stock is down roughly 5-6% year-to-date through mid-January.

Apple Inc., AAPL

But several Wall Street firms see opportunity in the weakness. They’re calling the dip a chance to buy before the company reports quarterly results on January 29.

Goldman Sachs analyst Michael Ng told clients the recent decline likely stems from commodity cost inflation and App Store worries. But he thinks these concerns are overblown heading into what should be a strong iPhone cycle.

Goldman forecasts first-quarter fiscal 2026 earnings of $2.66 per share. That matches the Street consensus.

The firm expects iPhone revenue to jump 13% year over year. Goldman models a 5% rise in iPhone unit shipments, including a 26% surge in China.

Price and mix improvements should add another 8 percentage points to revenue growth. Higher-end models are selling well.

Evercore ISI is even more bullish on the iPhone business. The firm added Apple to its Tactical Outperform list on Tuesday.

Evercore predicts iPhone revenue will climb 17% from last year. That’s well above the 11% consensus estimate.

Strong Holiday Quarter Expected

Citi analysts also see an earnings beat coming. They expect Apple sold 82 million iPhone units in the December quarter.

That’s ahead of consensus forecasts. Sales tilted toward premium models during the holidays.

Citi maintained its Buy rating but trimmed its price target to $315 from $330. Rising memory prices could pressure margins in future quarters.

Apple shares slumped 1.2% to $252.59 in premarket trading Tuesday. The broader market selloff came after President Donald Trump threatened tariffs on NATO countries.

Goldman sees iPhone demand staying strong for the next two years. The upcoming iPhone Fold should help.

The firm projects 4.5 million Fold units in fiscal fall 2026. That number jumps to 25.4 million in fiscal 2027.

Services Growth Continues

Apple’s Services business should also deliver. Goldman expects 14% revenue growth in the segment.

App Store spending slowed to 7% growth in the quarter. But other categories are picking up the slack.

iCloud+, AppleCare+, and traffic acquisition costs are all growing. New App Store ad formats should provide more growth later in fiscal 2026.

Goldman thinks Apple’s partnership with Google Gemini will help ease investor worries. The deal should reinforce the iPhone as the go-to device for accessing AI tools.

The firm expects Apple to maintain a biannual iPhone launch cycle. New software upgrades through iOS and Siri 2.0 are also on the way.

Evercore ISI maintains a $330 price target on Apple stock. The firm rates it as its top pick for 2026 with an Outperform rating.

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