Goldman Backs Apple as UBS Stays Neutral Before Jan. 29 Earnings

Overview

• Goldman Sachs reiterates a Buy rating with a $320 price target ahead of Apple’s fiscal Q1 report on Jan. 29.
• Goldman models fiscal Q1 iPhone revenue up 13% year over year with 5% shipment growth and roughly 26% growth in China, and forecasts EPS of $2.66 in line with consensus.
• UBS maintains a Neutral rating with a $280 target but raises December‑quarter iPhone units to about 84.5–85.0 million after supply‑chain checks.
• UBS cites a modest demand pull‑forward tied to higher memory costs, which could lift near‑term results but increase margin sensitivity.
• Apple shares are down about 9% over the past month as investors weigh iPhone strength, component inflation, and Services trends; Goldman projects Services revenue growth of roughly 14% despite slower App Store spending.