Apple Inc's (NASDAQ:AAPL, ETR:APC) latest product showcase left few surprises, but Goldman Sachs thinks the mix of incremental improvements and quiet price shifts will keep demand ticking over.
The broker remains a buyer of the stock with a $266 price target, implying 13.5% upside from the current $234.35.
The headline was the iPhone 17 range, joined this year by a thinner “Air” model. Apple has also quietly scrapped the 128 GB storage tier across all versions, lifting the entry point to 256 GB.
That decision effectively adds $100 to the sticker price of the iPhone 17 Pro and Air compared with their predecessors, while the new Pro Max now offers a 2 TB option at $1,999.
Goldman thinks this supports average selling price growth and feeds into the long-running trend of premiumisation.
Despite the stealthy price increases, the base iPhone 17 still starts at $799, a move the bank believes will help sustain growth in Apple’s installed base. The model now comes with a larger 6.3-inch display, an upgraded 18-megapixel front camera and the new A19 chip.
The wearables line-up was refreshed, too. The Apple Watch Series 11 and Ultra 3 both extend battery life and add health features such as blood pressure and sleep monitoring, while the SE 3 adopts the newer chip and Always On display at a lower price point.
AirPods Pro 3 bring stronger noise cancellation, better fit and even live translation, which at launch covers five languages with more to follow.
Carrier promotions remain generous. Trade-in credits of up to $1,100 are on offer from US networks, a notch higher than last year, helping cushion consumers from the higher list prices.
Availability is broad: pre-orders began on 12 September with shipping set for the 19th across more than 60 countries.
On the numbers, Goldman models revenue rising from $391 billion in the 2024 fiscal year to $480 billion by 2027, with earnings per share climbing from $6.75 to $9.04.
Services are expected to contribute the bulk of profit growth, marking what the analysts call an “inflexion point” in the investment case as Apple becomes more of a recurring-revenue story.
Risks remain. A lengthening upgrade cycle, softer consumer demand and pressure on PCs and tablets could drag on product sales.
Supply chains are still concentrated in China and geopolitical frictions could bite. Regulators continue to circle, with competition authorities scrutinising Apple’s control of its app store and payment systems.
Yet the analysts argue Apple’s vast user base, now heading well past a billion active iPhones, makes its ecosystem unusually resilient.
Each new feature, whether in devices or services, increases the stickiness. The result is strong visibility on revenues and a valuation that Goldman views as attractive compared with both history and peers.
For investors, the message is simple: Apple is still Apple. Incremental gains in hardware, bigger bets on services and a steady hand on pricing add up to a business Goldman thinks should trade at a premium multiple.
The $4 trillion question is whether the market agrees.