Apple Loses 4% After Earnings as Goldman Sachs and JPMorgan Adjust Price Targets, Nvidia Takes Lead

• Apple stock fell nearly 4% during trading despite strong Apple Earnings, as rising memory costs and margin concerns weighed on investor sentiment
• JP Morgan and Goldman Sachs lowered their Apple price targets while maintaining positive ratings, citing iPhone demand and profitability concerns
• Nvidia reclaimed its position as the world’s most valuable company as Apple’s market valuation declined following its earnings report

Apple stocks have come under pressure after the company announced its fiscal fourth-quarter earnings. The company managed to beat Wall Street expectations, but its shares still slid nearly 4% during trading as the latest results raised concerns over Apple’s rising memory chip costs, weaker margins, and slowing Services growth. This development coincided with Nvidia reclaiming the top spot in the market, with Apple moving to second place as the world’s largest company by market cap.

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Goldman Sachs and JP Morgan Adjust Apple Stock Targets

Following the earnings announcement, several Wall Street firms have now revised their Apple stock targets. Goldman Sachs and JP Morgan both lowered their price targets while retaining positive ratings.

Goldman Sachs reduced the Apple price target from $390 to $380, maintaining a Buy rating. The bank cited weaker iPad sales and a softer margin outlook as its primary reason for changing the stock price outlook.

JP Morgan, on the other hand, also lowered its Apple price target from $360 to $355 while maintaining an Overweight rating. The bank continues to see solid iPhone demand but has flagged its slowing Services growth and long-term earnings outlook.

Other analysts such as TD Cowen, Citi, Baird, and Morgan Stanley have also revised their price targets. TD Cowen lowered its target to $390, Citi maintained its $365 target, Baird raised its target to $340, and Morgan Stanley reduced its target to $350.

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Nvidia Reclaims World’s Most Valuable Company Title

Apple’s post-earnings decline coincided with Nvidia reclaiming the world’s most valuable company title. Apple had managed to bag this spot for a brief period. This change now reflects Apple’s falling market valuation following its earnings report.

While Apple continues to benefit from strong iPhone demand, Nvidia remains closely tied to demand for AI chips and data center manufacturing. For Apple, the next challenge would be now to manage higher memory costs while maintaining demand across its product lineup.

For a broader look at their stock performance, the MCO ROI Tool shows that Apple stock recorded a 1.27x increase between January 1 and November 4, 2026, compared with Nvidia’s 1.08x increase over the same period. Despite Apple’s recent post-earnings decline and Nvidia reclaiming the top market-cap position, Apple has delivered the larger year-to-date increase in this comparison. This offers additional context to the latest developments surrounding Apple Earnings, Goldman Sachs and JP Morgan’s price target revisions, and Nvidia’s market position.

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