Apple (AAPL) will report its Q3 FY25 earnings results on July 31, and Goldman Sachs analyst Michael Ng expects the company to report strong results in the quarter. Ng reaffirmed his Buy rating on the stock and kept his price target at $251, indicating a 17% upside from current levels.
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Ng, a 4.5-rated analyst on TipRanks, believes Apple’s upcoming report will beat expectations on both revenue and earnings, helped by solid performance across its core business lines. He sees Apple’s strong product pipeline and steady services growth as key drivers for future gains.
Ng ranks 994 out of more than 9,880 analysts tracked by TipRanks. He has a success rate of 55%, with an average return per rating of 11.1% over a one-year timeframe.
Analyst Sees Strong Services and Hardware Momentum
The analyst expects Apple’s Services revenue to grow by 11% year-over-year in the third quarter. He noted that the App Store spending remains strong, even with new rules letting users make payments outside the App Store.
On the hardware side, the analyst sees strength across Apple’s product lineup, including iPhones, Macs, iPads, and wearables. He believes these segments will show solid growth, helping to lift overall sales. In addition, he expects Apple to benefit from better gross margins, helped by easing “tariff-related costs” and “forex headwinds.”
Looking ahead, Ng is optimistic about iPhone demand over the next year, fueled by U.S. carrier promotions and new product launches such as Apple Intelligence and new versions like the iPhone 17 Air and a foldable iPhone 18.
However, the analyst warned that trade and tariff risks, along with potential pressure on Apple’s advertising revenue, remain near-term concerns.
What to Expect from AAPL’s Q3 Earnings
Wall Street analysts expect Apple to report earnings of $1.43 per share for Q3, up 2% from the year-ago quarter. Meanwhile, analysts project Q3 revenues at $89.1 billion, according to the TipRanks Analyst Forecasts Page. The figure marks a year-over-year increase of about 4%.
Is AAPL a Good Stock to Buy Now?
On TipRanks, Apple stock has a Moderate Buy consensus rating based on 13 Buys, 10 Holds, and one Sell assigned in the last three months. The average AAPL price target of $227.27 suggests an upside potential of 6.13% from its current price. Year-to-date, Apple stock is down 14%.
