Here’s what Wall Street is saying about Apple earnings

Apple (AAPL) is scheduled to report results of the fourth fiscal quarter of FY25 after the market close on Thursday, October 30, with a conference call scheduled for 5:00 pm ET. What to watch for:

EXPECTATIONS: Last quarter, Apple beat consensus sales and earnings expectations, reporting EPS of $1.57 on Q3 revenue of $94.04B in what CEO Tim Cook called “a June quarter revenue record.”

Cook also highlighted “double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment.”

Current consensus EPS and revenue forecasts for Apple’s September-end quarter stand at $1.77 and $102.25B, respectively, according to data provided by S&P Global Market Intelligence.

Consensus EPS and revenue forecasts for Apple’s December-end quarter stand at $2.52 and $131.7B, respectively, according to S&P Global.

Among analysts tracked by Bloomberg that have updated their views on Apple within the last twelve months, 36 have Buy or equivalent ratings, 20 have Hold or equivalent ratings and five have Sell or equivalent ratings. The average twelve month price target of 48 of those analysts is $253.31.

NEW PRODUCTS: On September 9, Apple announced the new slate of iPhone 17s, as well as the thinner iPhone Air, new Watch devices, and the Airpods Pro 3.

On October 15, Apple introduced a new Vision Pro with the M5 chip and unveiled a new 14-inch MacBook Pro with new chip as well.

BEARISH TAKES: Two days after the company’s iPhone launch event, DA Davidson downgraded Apple to Neutral from Buy with an unchanged price target of $250. The firm believes Apple taking a significant role in the artificial intelligence ecosystem and the iPhone undergoing a major upgrade cycle are unlikely in the near term. DA is “uninspired” by Apple’s recent product announcements and believes the company may not significantly leverage AI anytime soon. Until the company can redefine its current products or develop compelling new ones, its growth will “remain constrained under the status quo,” contends the firm.

That same day, Phillip Securities downgraded Apple to Reduce from Neutral with an unchanged price target of $200. The firm cited valuation for the downgrade following a then-recent share price rally. Phillip maintains a cautious outlook on Apple, citing near-term headwinds from tariffs, elevated spending, and “no significant AI innovation” to help with weakness in products and the China market.

More recently, Jefferies downgraded Apple to Underperform from Hold with a price target of $205.16, down from $205.82. Better demand for iPhone 17, likely driven by no price hike in the Pro and Pro Max models and “an effective price cut” on the 17 base model, is already in the price, which has led to “excessive expectations” on the replacement cycle and prospects of the 18 Fold, the analyst told investors in a note published on October 3. The then-current valuation priced in an “overly bullish iPhone outlook,” the analyst argued.

BULLISH TAKES: On October 20, Loop Capital upgraded Apple to Buy from Hold with a price target of $315, up from $226. Loop’s supply chain checks indicate iPhone shipments will expand through 2027 amid refresh and design cycles, the analyst tells investors in a research note. The firm sees “material upside” to consensus iPhone estimates through 2027. It believes Apple could be starting three consecutive record iPhone shipment years.

The same day, Evercore ISI added Apple to the firm’s “Tactical Outperform List” while maintaining an Outperform rating on the shares with a $290 price target Apple is well positioned to report upside to September quarter consensus estimates and could guide to outperformance in the December quarter, the analyst tells investors in a research note. Evercore’s positive bias is driven by iPhone data points that suggest the iPhone refresh cycle may be better than average. Lead times for the base iPhone 17 are above last year’s October levels and survey work points to a strong demand environment, contends the firm.

In its own preview on October 29, BofA raised the firm’s price target on Apple to $320 from $270 and kept a Buy rating on the shares. The firm cites its new five-year outlook for the target increase. Apple’s earnings could double from 2024 to 2030 due to sustained growth from its new products and services, the analyst tells investors in a research note. BofA rolled the stock’s valuation to fiscal 2027 and has more confidence in Apple’s estimates due to its five-year analysis. The firm sees the company as an “eventual winner” in artificial intelligence.

SENTIMENT: Check out recent Media Buzz Sentiment on Apple as measured by TipRanks.