Apple share price: Q4 earnings preview

As Apple’s fourth quarter earnings loom, we look back on the tech giant’s Q3 results as well as how analysts currently view the stock.

Despite its colossal size – Apple has seen its share price almost double YTD – rising 55% since January. At the tech giant’s last traded price of $115 per share, Apple has a staggering market capitalisation of $1.99tn.

With Apple set to report its latest quarterly, fourth quarter earnings this Thursday, October 29, below we look at how analysts currently view the stock as well as take a glance at Apple’s previous quarterly performance.

Analysts remain bullish, Goldman retains Street low PT of $80

Analysts have remained constructive on the tech giant despite its strong share price performance over the last twelve months – assigning the stock an Overweight rating and price target of $122.45 per share, on average, according to MarketWatch.

A handful of analysts have even began to update their price targets or ratings on the stock in the lead up to its Q4, with Atlantic Securities raising its rating from Underweight to Overweight and reiterating a $150 price target, Wedbush moved their rating from Outperform to Overweight and upped their price target to $150, while Jefferies also raised their rating on AAPL to BUY and lifted their price target to $140.

Some, mind you remain bearish on the stock as we head into the Q4: Credit Suisse, for example has a Neutral rating and $106 price target on the stock and Goldman Sachs has a Street low estimate of just $80 per share and a Sell rating.

Apple’s third quarter results at a glance

Regardless of the analyst consensus, Apple remains a market favourite, with the stock, as noted at the start, up a staggering 55% YTD. Market participants look to have been reassured by the tech giant’s Q3 report released in July, with the stock up 24.22% in the past three months.

Looking at the highlights of the Q3, on a YoY basis Apple reported:

  • Revenues of $59.7bn, up 11%, made up of $46.2bn in Products revenue and $13.15bn in Services revenue
  • 60% of Q3 sales were derived from international markets
  • iPhone sales totalling $26.4bn, Mac sales totalling $7.1bn, iPad sales totalling $6.45bn and Services sales totalling $13.15bn.
  • Net income of $11.25bn and earnings per share of $2.58, up 18%
  • A quarterly dividend of 82c per share

Commenting on these quarterly results, Apple’s CEO, Tim Cook said:

‘Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments.’

‘In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation.’

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