Apple's F3Q24 Earnings Expected to Exceed Consensus with $85.1 Billion Revenue, EPS of $1.36, and Price Targets Raised to $275 and $260

Analysts are optimistic about Apple's upcoming F3Q24 earnings report, with expectations of a revenue increase to $85.1 billion, representing a 4% year-over-year growth. Earnings per share (EPS) are projected to reach $1.36, surpassing the FactSet consensus of $1.33. Price targets for Apple stock have been raised by several firms, with Wells Fargo increasing its target to $275 from $225, and CFRA Research raising its target to $260 from $240. Analysts cite a potential AI-driven upgrade cycle for the iPhone 16 as a significant factor in these optimistic projections, alongside growth in services and strong performance in China. The anticipated rollout of Apple Intelligence is also expected to enhance demand for Apple's devices, potentially leading to record shipment levels.