Goldman Sachs released a report. Apple's earnings for the third fiscal quarter ending the end of June are expected to be 1.36 US dollars, higher than market expectations of 1.33 US dollars; revenue is expected to increase 4% year-on-year to 85.1 billion US dollars. iPhone revenue is expected to fall 5% year-on-year to 37.8 billion US dollars during the quarter. iPad and iMac revenue are expected to increase by 23% and 13% respectively, and service revenue is expected to increase 15% year-on-year. According to the bank, under the switching cycle driven by the artificial intelligence system Apple Intelligence and new product innovation, iPhone shipments are expected to grow to 0.23 billion, 0.24 billion, and 0.256 billion units in the 2024-2026 fiscal year; the number of Apple devices per iPhone user will increase, and iMacs and iPads will also become beneficiaries of artificial intelligence; and as Apple continues to drive the combination transformation to high-end iPhone models, and in the product and ecology After several years of investment in the system, there will be an opportunity to make price adjustments to obtain price/portfolio benefits. The bank raised Apple's average earnings per share for the 2024-26 fiscal year by 1%, reflecting an estimated high iPhone revenue outlook for the 2026 fiscal year. The target price was raised from $238 to $265, giving it a “buy” rating.