Goldman sees upcoming iPhone AI software as a strong point.

Goldman Sachs said it sees “upside consensus revenue and EPS driven by iPhone and Services outperformance” in a note last week.

Goldman analyst Michael Ng expects the company to report earnings per share of $1.61 and revenue of $94.5 billion, which would represent growth of 6% over one year.

Like other analysts, Ng is focused on the impact of AI and any software features Apple is expected to release in the coming months.

“While Apple Intelligence has not yet been a demand driver, we are encouraged by the rollout of Apple Intelligence features with iOS 18.1 (the week of October 28 includes writing tools, notification summaries, cleaning in Photos), iOS 18.2 (currently in beta for Dec. est. release, includes Genmoji, Image Playground, ChatGPT), and iOS 18.4 (March 2025 est. release, more advanced Siripersonalization, screen awareness),” Ng said.

Goldman Sachs rates Apple a “Buy” with a price target of $275.