Goldman Sachs reiterated its 'Buy' rating and $320 price target for Apple Inc. on December 3, 2025. The endorsement came despite data from Sensor Tower indicating a deceleration in App Store spending growth for November 2025, which saw a 6% year-over-year increase, down from 9% in October. The slowdown was primarily attributed to a 2% year-over-year decline in the Games category. Despite this, Goldman Sachs expressed confidence that other service categories like iCloud+, AppleCare+, Apple Music, and Apple Pay would support Apple's overall Services revenue growth, which the company had projected to be in line with the previous fiscal year's 14% increase. This analyst rating comes as Apple's stock trades near its 52-week high. The firm's positive outlook suggests a belief in the resilience of Apple's ecosystem and its ability to generate growth from diverse service streams, even as key areas like the App Store show signs of moderating growth.