With Apple’s earnings report on the horizon, multiple Wall Street analysts cut down their price targets for the technology titan. Goldman Sachs, UBS and Wells Fargo all slashed their targets for the stock ahead of the company’s report next week. Apple’s earnings release comes at an important moment for the company, with investors concerned about potential impacts from tariffs and broader economic uncertainty. The print also drops during a rough patch for the stock, with shares tumbling more than 20% this year. To be sure, not every Wall Street firm is yanking down its price target leading up to the report. Evercore ISI, for one, kept on Wednesday its outperform rating and $250 target. The firm noted that it “is important to think through various scenarios because a lot of the numbers floating out there seem to focus on a worst case scenario and the impact to Apple could end up being less than feared.” Still, for those that have amended their targets lower in recent days, here’s where each stands now: Goldman Sachs: trims price target to $256 from $259 Analyst Michael Ng whittled $3 off his price target to come in at $256. That implies 28.2% upside over where the stock closed Tuesday. Ng said his refreshed target reflects a 30-times multiple of the earnings per share over the next 12 months and one year. “We believe that the market’s focus on slower product revenue growth masks the strength of the Apple ecosystem and associated revenue durability & visibility,” Ng wrote to clients. Ng kept his buy rating on shares despite the target reduction. Wells Fargo: cuts target to $245 from $275 Though Wells Fargo remained overweight, analyst Aaron Rakers chopped $30 off his price target to $245. With that new figure, he expects shares to rise 22.7% over the next year. Rakers said that target is based on a 31-times price-to-earnings multiple of earnings per share in the 2026 calendar year. “We think investors should consider the likelihood that Apple may not provide a quantified F3Q25 guide amid the current tariff- / macro-induced uncertainties,” Rakers wrote to clients. “As a reminder, Apple opted very quickly to pull its forward guide with its F2Q20 (Mar ’20) results during the early stages of COVID-driven uncertainties.” UBS: lowers target to $210 from $236 UBS analyst David Vogt was the least optimistic of the trio, lowering his price target by $26 to $210. That suggests just 5.1% in upside over the next year. Vogt, who has a neutral rating on the stock, said the updated target reflects a higher risk premium and interest rates, which lower the multiple to around 28-times from 32-times. “We note that since the tariff announcements on April 2nd, consensus iPhone revenue and units estimates for the June quarter have only modestly declined,” Vogt told clients in a note. But, “given geopolitical risk could erode demand in China in the second half of fiscal 25 before contemplating a macro slowdown in the US and Europe, we believe there is further downside risk to consensus iPhone unit estimates.” Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
