Goldman Sachs reiterated its Buy rating on Apple (NASDAQ:AAPL) and left its price target at $330.00, citing signs of improving App Store spending that the bank expects will underpin Services revenue. The $330 target represents approximately a 22% potential gain from Apple’s then-current share price of $270.16. InvestingPro data referenced by the bank indicates Apple was trading above its Fair Value at that price.
The stock was trading near a 52-week high of $288.62 and had posted a roughly 34% gain over the preceding six months.
App Store performance and category dynamics
Goldman Sachs’ analyst research showed App Store spending in January 2026 rose about 7% year-over-year, an acceleration from 6% growth recorded in December 2025. Within the App Store, performance varied by category. Games, which account for roughly 45% of total App Store spending, recorded a 3% year-over-year decline in January versus a 4% decline in December, indicating a slight moderation of the downtrend. Entertainment, making up about 14% of spending, accelerated to 10% growth in January from 3% in December.
On a geographic basis, U.S. spending growth was steady at 3% year-over-year, while spending accelerated in China, Japan, and the U.K., according to the research. The study also flagged that three of the top 10 downloaded gaming apps on the U.S. App Store now offer off-app payment options, with Roblox and Fortnite providing discount incentives tied to those options.
How January trends compare to Apple guidance
January’s App Store trends were running below Apple’s fiscal second-quarter 2026 guidance for Services revenue growth of 14% year-over-year. Goldman Sachs said it expects Apple’s Services guidance to be supported not only by the App Store but also by accelerated growth across other Services segments, including iCloud+, AppleCare+, Apple Pay, and other subscription products.
Apple’s reported financial scale remains substantial: the company’s trailing twelve-month revenue totaled $435.62 billion, reflecting a 10.07% growth rate. Market capitalization was approaching $4 trillion while the price-to-earnings ratio was reported at 34.12, underscoring the premium valuation placed on the company.
Analyst landscape and recent financial results
Goldman Sachs emphasized that App Store spending should remain an important growth contributor to Services revenue over time, while cautioning that the adoption of off-app payment methods presents a near-term downside risk. InvestingPro was noted as identifying 16 additional investment tips for Apple, including metrics on dividend consistency and financial health, and a Pro Research Report covering Apple and more than 1,400 other U.S. stocks was referenced for deeper analysis.
In corporate results released recently, Apple reported fiscal quarter 1 2026 revenue of $143.8 billion and earnings per share of $2.84, both above analyst expectations of $138.4 billion in revenue and $2.67 in EPS. The quarter’s total revenue rose 15.7% year-over-year, driven by a 23% increase in iPhone sales and a 13.9% rise in Services revenue.
Despite the strong quarterly results, Evercore ISI removed Apple from its tactical outperform list while maintaining an Outperform rating with a $330 price target, noting a modest acceleration in App Store revenue growth. Evercore ISI recorded January App Store revenues as growing 7% year-over-year, even as gaming revenues fell roughly 3%.
BofA Securities reiterated a Buy rating on Apple with a $325 price target, pointing to a 6.3% year-over-year increase in App Store revenue for the fiscal second quarter. Bernstein SocGen Group also reiterated an Outperform rating and highlighted record iPhone revenue of $85.3 billion in the first quarter, up 23% from the prior year.
Overall analyst tone
The collection of broker notes and quarterly results reflect a broadly positive analyst stance toward Apple, with multiple firms maintaining bullish ratings and price targets in the low-to-mid $300s. At the same time, differences in category performance within the App Store and the emergence of off-app payment options are noted as factors that could temper Services momentum in the near term.