Apple Price Target Surpasses Wall Street Consensus Amid Strong Earnings Growth

Apple's stock has seen significant growth in recent times, driven by strong iPhone sales and expanding services revenue. According to a recent report from 24/7 Wall St., Apple's price target is $383.16, which is well above the Wall Street consensus of $328.22.

The report cites Apple's 29% earnings per share (EPS) growth in its Q3 FY2026 earnings report as a key driver of the price target. The company's revenue rose 16% year-over-year to $109.4 billion, with iPhone revenue climbing 22% to $54.3 billion.

Tim Cook, Apple's CEO, has expressed confidence in the company's future prospects, citing the success of its iPhone 17 cycle and the growing momentum of its services business. The company's strong balance sheet, which returned $33 billion to shareholders in one quarter, is also seen as a positive factor.

However, some analysts have raised concerns about Apple's high valuation, with a forward price-to-earnings (P/E) ratio of 35 compared to Microsoft's 25 and Alphabet's 23. Additionally, memory-cost inflation may pose a risk to Apple's gross margin.