iPhone maker Apple (AAPL) is scheduled to announce its fiscal second-quarter results on Thursday, April 30. AAPL stock is essentially flat year-to-date amid concerns about the company lagging in the AI race, intense competition, and macro pressures. Ahead of Q2 earnings, UBS analyst David Vogt raised his price target for Apple stock to $287 from $280 while maintaining a Hold rating. The analyst sees modest upside to his Q2 FY26 revenue estimate, driven by higher iPhone sales.
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Meanwhile, Wall Street expects Apple to report EPS (earnings per share) of $1.95 for Q2 FY26, reflecting 18.2% year-over-year growth. Revenue is projected to rise about 15% to $109.46 billion. Analysts expect strength in iPhone sales and Services revenue growth.
UBS Analyst’s Expectations from Apple’s Q2 Earnings
Vogt stated that supply chain checks and analysis of sell-through data indicate a slight upside to his iPhone estimates, while demand for the Neo and Mac mini is at least in line with his Mac revenue projection. Specifically, the 4-star analyst noted that supply chain strength and continued demand and share gain for the iPhone 17 series should drive about a 20% jump in iPhone revenue. He highlighted that Apple’s ability to secure silicon and memory to meet iPhone demand drove share gains.
The analyst added that he doesn’t see any upside to his revenue growth estimate of about 14% for Apple’s Services business, as strength in payments is offset by muted growth in the App Store. Overall, for Q2 FY26 (March quarter), the 4-star analyst expects modest upside to his $109 billion estimate, driven by a slight upside to his iPhone estimate ($56.2 billion). Vogt expects Apple’s Services gross margin of 76.5% and consolidated gross margin of 48.5% (at the mid-point of the 48% to 49% guidance range), leading to EPS of $1.94.
Furthermore, Vogt raised his Q3 FY26 revenue estimate by about 4% to $102 billion, reflecting 8.5% year-over-year growth.
Is AAPL a Good Stock to Buy?
Ahead of Q2 FY26 earnings, Wall Street has a Moderate Buy consensus rating on Apple stock based on 17 Buys, nine Holds, and one Sell rating. The average AAPL stock price target of $299.80 indicates about 11% upside potential.
