As apple gears up to report earnings next Thursday, Wall Street analysts are rapidly dialing back their expectations, trimming price targets for the iPhone maker due to rising tariff risks and broader macroeconomic uncertainty.

Goldman Sachs analyst Michael Ng lowered his price target slightly to $256 from $259, maintaining a Buy rating. He acknowledged slowing product revenue growth but highlighted the resilience of Apple's ecosystem:

"We believe that the market's focus on slower product revenue growth masks the strength of the Apple ecosystem and associated revenue durability and visibility," Ng said.

Wells Fargo is more concerned about the guidance. Analyst Aaron Rakers cut his target to $245 from $275 but retained an Overweight rating.

"We think investors should consider the likelihood that Apple may not provide a quantified F3Q25 guide amid current tariff and macro-induced uncertainties," Rakers noted, referencing a similar approach during early COVID disruptions in 2020.

UBS holds a more bearish outlook. Analyst David Vogt dropped his target to $210 from $236, reflecting a reduced 28x earnings multiple due to rising rates and risk premiums.

"Given geopolitical risk could erode demand in China in the second half of fiscal 2025—before even considering a macro slowdown in the US and Europe—we believe there is further downside risk to consensus iPhone unit estimates," Vogt wrote.

The most bearish outlook comes from MoffettNathanson Research. The firm warned that geopolitical shifts, increased production costs, and the probability of a recession could hurt Apple's business.

"As the administration made clear, Apple imports from China will still bear 20% tariffs—a level that would have been unimaginable just a month ago."The analysts lowered their price target from $184 to $141 per share, implying a 30% decline from current levels.

However, not all firms are turning cautious. Evercore ISI reaffirmed its Outperform rating and $250 target, urging investors not to overreact to worst-case scenarios.

"The impact to Apple could end up being less than feared," the firm said.