By Apple stock hit fresh record highs on Tuesday, continuing its strong rally from the previous session, as optimism built ahead of the iPhone maker’s upcoming earnings release.
The stock rose around 1% to an all-time high, bringing Apple’s market capitalisation just shy of the $4 trillion mark.
The surge followed new bullish calls from Wall Street analysts, who lifted their price targets on expectations of strong quarterly results and robust services growth.
Wall Street analysts on Apple’s Q3 results
Goldman Sachs raised its 12-month price target on Apple stock to $279 per share from $266, maintaining a “buy” rating ahead of the company’s fiscal fourth-quarter results, which are scheduled for release on October 30.
Analyst Michael Ng said he expects Apple to deliver earnings of $1.81 per share on revenue of $103.5 billion, compared with Wall Street’s consensus forecast of $1.77 on revenue of $101.8 billion.
Ng forecast that Apple will “post a beat on both the top and bottom lines.”
He also highlighted services revenue as a key area of strength, projecting a 13% year-on-year rise.
“Services revenue growth (+13% yoy) should maintain momentum despite weakening App Store spending trends (+10% v. F3Q25 +13% yoy) on continued DD% momentum across iCloud+, TAC, AppleCare+, Apple Pay, and other subscription services,” he said.
Ng expects continued strength in iPhone demand next year, noting support from US carrier competition and “continued form factor changes with the expected launch of the iPhone 18 foldable.”
At Wells Fargo, analyst Aaron Rakers also raised his price target on Apple to $290 from $240, reiterating an “overweight” rating.
He expects earnings of $1.79 per share on revenue of $102.4 billion.
Rakers said investors are focused on Apple’s artificial intelligence roadmap amid concerns that it may be lagging competitors.
However, he believes Apple’s ecosystem gives it a long-term advantage.
“Given Apple’s strong ecosystem and its famous intuitive design language, we think it is well positioned to seamlessly integrate more powerful and personalized AI features across its devices,” he said.
Rakers added that Apple’s 2026 operating system releases already include “numerous small AI features,” such as live translation and visual intelligence tools, and expects the latest earnings to “reaffirm investor confidence” in sustained double-digit services growth.
Adding to the positive sentiment, Loop Capital upgraded Apple’s stock to a “buy” from “hold” earlier this week, citing stronger-than-expected iPhone demand.
Analyst Ananda Baruah said, “We are now at the front end of Apple’s long-anticipated adoption cycle that suggests ongoing iPhone shipment expansion through CY2027.”
He attributed the momentum to regular refresh cycles and new design-driven demand that is encouraging faster replacement of older devices.
At Tuesday’s record levels, Apple remains the world’s most valuable company — and with Wall Street turning increasingly bullish ahead of next week’s results, investor expectations are running high for another strong quarter.
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