Apple Q4 Preview: One Phone Could Beat Wall Street's Flat Holiday Forecast

Apple is rated a Buy ahead of earnings, with the iPhone Duo's holiday performance as the primary catalyst. AAPL's forward P/E has expanded to 37x despite only 7% EPS estimate growth, making the stock richly valued and sensitive to guidance. The $1,999 iPhone Duo could add $7B in new holiday revenue, but rising memory costs threaten to erode EPS growth in 2027.