• Goldman Sachs analyst Michael Ng maintains a Buy rating and $266 price target on Apple ahead of its September 9 product event.
  • The firm forecasts iPhone revenue growth of 5% year-over-year in fiscal 2025, accelerating to 7% in fiscal 2026.
  • Key catalysts include anticipated form factor changes, a potential price increase for the iPhone 17 Pro, and robust carrier promotions.

Goldman Sachs is bullish on Apple Inc. heading into the company’s highly anticipated September 9 event, dubbed “Awe-Dropping,” reiterating its Buy rating and affirming a $266 price target. The event is widely expected to serve as the launchpad for new iPhone 17 models and updated Apple Watches.

Analyst Michael Ng pointed to several factors underpinning the positive outlook. “We see potential form factor changes, a possible iPhone 17 Pro price hike, and strong carrier promotions as key positives heading into the cycle,” he wrote in a note to clients. These elements are seen as crucial for stimulating upgrade demand in a premium smartphone market where replacement cycles have continued to lengthen.

The investment bank’s financial modeling projects iPhone revenue to increase by 5% year-over-year in Apple’s fiscal 2025, with growth then accelerating to 7% in fiscal 2026. This outlook suggests confidence that the new product cycle will resonate with consumers, building upon the company's recent strong financial performance. In its most recent quarter, Apple posted revenue of $94.0 billion and a net profit of $23.4 billion, setting new June quarter records.

Carrier promotions are expected to play a significant role in driving initial sales, making the latest devices more accessible to consumers even at the high end of the market. The potential for a price increase on the Pro model, meanwhile, underscores Apple’s enduring pricing power and the strength of its brand, which allows it to navigate inflationary pressures better than many competitors.

Efforts to reach Apple for additional comment on the event specifics were unsuccessful. The company typically keeps details under wraps until the event itself.

The September launch has historically set the tone for Apple’s performance in the critical holiday quarter. With new hardware driving ecosystem engagement, a successful rollout is also seen as a tailwind for the high-margin Services segment, which recently hit an all-time revenue record. The event will be closely watched by investors for any signals on whether Apple can maintain its momentum amid ongoing global economic uncertainty and competitive pressures.