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Preview of Apple Ahead of Earnings

As Apple (NASDAQ:AAPL) prepares to release its earnings on May 2, several Wall Street analysts shared their insights. Morgan Stanley lowered its price target to $210 from $220 but reiterated an Overweight rating. The firm predicts Apple might exceed March quarter expectations with $91 billion in revenues and $1.51 in EPS, attributing this to stable product demand and strong performance in Services. However, Morgan Stanley anticipates Apple will provide June quarter revenue guidance below the consensus, estimating $80 billion versus the consensus of $83.5 billion, with an EPS guidance of $1.22.
Wells Fargo, considering Apple as one of its top picks, also expects the company to slightly surpass estimates with predicted revenues of $91.4 billion and EPS of $1.55, against a consensus of $90.3 billion and $1.50, respectively. For the third fiscal quarter of 2024, they project revenues and EPS of $84.5 billion and $1.38, compared to the street’s $83.8 billion and $1.33. Wells Fargo suggests that Apple’s developing artificial intelligence strategy might boost the stock, noting that any post-earnings weakness could present a buying opportunity.
Goldman Sachs continues to support Apple with a Buy rating and a price target of $226. They expect Apple to report in line with second fiscal quarter 2024 expectations, projecting revenues of $90.7 billion and EPS of $1.53.

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