TLDR
- Apple (AAPL) stock trades near $345 ahead of its fiscal Q4 report on Monday, November 2, and is down 0.61% at last check.
- Monness, Crespi, Hardt raised its price target to $355 from $335 and kept a Buy rating.
- Analysts expect revenue of $113.31 billion and EPS of $1.99, in line with Appleās guidance of 9% to 11% growth.
- Early iPhone 18 Pro sales are mixed, with Counterpoint Research reporting just 3.1% unit growth in the first three weeks.
- The stock trades near 40x trailing earnings, while the average analyst target of $339.37 sits below the current price.
Apple (AAPL) stock trades near $345 ahead of its fiscal fourth-quarter report on Monday, November 2. Readings from the past day ranged from $344 to $347.
Monness, Crespi, Hardt raised its 12-month price target to $355 from $335. Analyst Brian White kept a Buy rating.
The average target among Wall Street analysts is $339.37. That sits about 2% below the current price.
It will be John Ternusās first earnings call as CEO. He took over on September 1, and CFO Kevan Parekh will join him.
The report covers the quarter ended September 26. It includes only nine days of iPhone 18 Pro sales and none from the iPhone Duo, which launched October 23.
What Wall Street Expects
Analysts forecast revenue of $113.31 billion, up 10.6%. They expect earnings per share of $1.99, up 7.6%.
Apple guided for revenue growth of 9% to 11%, below the 12% analysts wanted at the time. It blamed supply limits on chips and memory, plus currency headwinds.
Gross margin guidance is 47% to 48%. That compares with 50.1% in the third quarter, which got a lift from tariff refunds.
Without those refunds, third-quarter EPS would have been $1.91 instead of $2.02. Revenue of $109.4 billion barely topped the $109 billion consensus.
Apple has now beaten estimates 12 times in a row, yet the stock still fell 7.4% the next trading day. It has since climbed back most of the way.
Demand Signals Look Mixed
Counterpoint Research says iPhone 18 Pro and Pro Max unit sales grew just 3.1% in their first three weeks. China rose 29%, while the U.S. fell 4% and Japan fell 27%.
Reports say Apple cut October component orders for Pro models by 15% to 20%. Evercore ISI has questioned how reliable those reports are.
Evercore raised its target to $380 from $365 in September. Its survey found 53% of potential buyers plan to buy a Pro model, above the 51% average.
The $1,999 iPhone Duo drew strong preorders, with delivery dates stretching into 2027. Limited supply makes real demand harder to read.
At nearly 40x trailing earnings, Apple trades near the top of its five-year range. FY2027 EPS is projected at $9.56, and a 30x multiple would imply about $287.
Of 32 analyst ratings, 16 are Buys, 12 are Holds and four are Sells. Apple is also expected to host a Pro and Tell event, with reports pointing to an OLED touchscreen MacBook Pro.
Apple stock was down 0.61% at last check, trading around $347. The company reports on Monday, November 2.
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