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Investing.com - Melius Research raised its price target on Apple (NASDAQ:AAPL) to $290 from $260 while maintaining a Buy rating on the stock. The new target sits near the high end of Wall Street’s range of $175-$300, with InvestingPro data showing 20 analysts recently revising their earnings estimates upward for the upcoming period.
The research firm cited greater confidence in Apple’s Services segment and reduced tariff risk as key factors behind the price target increase.
Melius noted that Apple’s installed base of more than 2.4 billion devices positions the company for growth through its Services business and upcoming product launches.
The firm expressed optimism about improvements to Apple Intelligence and Siri, which it believes will contribute to the company’s future performance.
Melius acknowledged recent frustrations with "Siri-gate" but indicated it does not believe Apple is losing market share, adding that "patience is being rewarded" for investors.
In other recent news, Apple has seen a series of updates from various financial firms following its latest product launch event. BofA Securities has increased its price target for Apple to $270, maintaining a Buy rating, after the introduction of new iPhone, Watch, and AirPods models with enhanced health features. UBS, on the other hand, kept its Neutral rating with a $220 price target, noting the replacement of the underperforming "Plus" model with a new "Air" model. Wedbush maintained its Outperform rating and a $270 price target, citing significant upgrade opportunities, with approximately 315 million iPhone users yet to upgrade their devices in over four years.
Rothschild Redburn also raised its price target to $260 from $230, maintaining a Neutral rating, and emphasized Apple’s focus on hardware design at the recent iPhone launch event. Evercore ISI followed suit, increasing its price target to $260 from $250 while keeping an Outperform rating, highlighting the new iPhone Air model and form factor changes across the lineup. These developments underscore a generally optimistic outlook among analysts regarding Apple’s potential for sales growth through product upgrades.
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