Despite raising its Apple price target just days before earnings, investment bank Goldman Sachs has recalibrated its forecasts and while still mostly positive, has now pulled the target back down to $360.

That possibly premature rise before the report saw Goldman Sachs take its price target from $340 to $370. So its new value of $360 is still up on what it had been since May 2026, and the company's analysts believe that Apple is taking the right steps to continue its growth.

In a note to investors seen by AppleInsider, Goldman Sachs analysts say at present, they expect Apple's stock will trade lower than before. The advice was given to investors, because of Apple's guidance that it won't meet demand for the next quarter.

Cook was asked about this very topic during the earnings call. He was clear about what the issue is caused by, and what it isn't.

"Let me stress this again," said Cook in the call, re-framing the issue to make it a positive. "This isn't a partner or supplier issue. This issue is an incredibly strong demand."

Nonetheless, the result is going to be that Apple will leave money on the table in the next quarter, just through not being physically able to produce enough inventory. This shouldn't be surprising, given that there are often month-long delays in iPhone deliveries if you are just 15 minutes late to hitting that order button after preorders go live.

Goldman Sachs also predicts that the usual growth in Apple's Services will decelerate more. Its analysts point to a slowdown in App Store sales.

However, just as with securities firm Rosenblatt, Goldman Sachs also believes that Apple is positioning itself well to surmount current problems. Specifically, its analysts predict that Apple Upgrade will mean there will be a less than expected decline in sales due to high prices.

Although the company also believes that eventually the recent price increases will increase revenues for Apple. That may be down to how Apple is launching the new Siri AI and is believed to have new Mac, iPad, and possibly a Home Hub in the works.

All of this should also reverse any Services decline, Goldman Sachs says. New device sales will increase the number of potential users of Services, for one thing, and usage of AI tokens will drive sales of iCloud+.

By trimming its price target, Goldman Sachs is echoing what Morgan Stanley has done following the earnings call. That investment firm cut its price from $364 to $360, citing the same mix of current concerns but optimism over the future.

Following the call, Apple's shares dropped, as they generally do. At time of writing are down from the previous close of $333.43 to $301.43. Apple has not been below $300 since the very end of June and start of July

The current drop comes despite a record-breaking earnings report. It's also in the shadow of the symbolic milestone of the company reaching a $5 trillion market cap.

Cautiously optimistic

Despite trimming its price target, Goldman Sachs still gives Apple a "Buy" rating. But it does also caution that there are potential problems ahead.

One of those is simply to do with the global economy weakening demand for Apple's hardware and services. Especially as users can elect to hold on to devices for longer, upgrade cycles may lengthen.

Then there could be a similar impact if Apple is not able to produce compelling enough reasons for existing users to upgrade. Plus it does face ever-increasing competition, especially as it operates across so many different product lines and services, each of which has major rivals.

These are reasons why Goldman Sachs predicts that stocks will trade lower than they have, for a time at least. But it also believes that the market is too focused on Apple's individual product growth, and is ignoring how strong the company's tightly-intertwined ecosystem is.