Gold bars to be exempt from tariffs, White House clarifies
Investing.com - Melius Research has raised its price target on Apple (NASDAQ:AAPL) to $260 from $240 while maintaining a Buy rating, citing optimism about upcoming iPhone product cycles. The new target adds to growing analyst optimism, with 21 analysts recently revising earnings estimates upward according to InvestingPro data.
The research firm believes concerns about Siri AI delays are "overblown," noting that Apple isn’t losing market share and its iPhone user base "doesn’t seem to care" about these delays.
Melius expects Apple to benefit from a new iPhone product cycle starting in September that should improve product mix, potentially driving growth to accelerate in high single digits during some quarters.
The firm specifically highlighted several upcoming catalysts, including an "iPhone Air" expected this September, a foldable iPhone model anticipated in fiscal year 2026 priced around $2,000, and the iPhone 20 lineup in late fiscal year 2027 marking the product’s 20th anniversary.
Melius adjusted its fiscal year 2026 earnings per share estimate upward by 12 cents due to higher gross margins, while also modestly raising its fiscal year 2027 earnings projection.
In other recent news, Apple has announced a significant expansion of its U.S. manufacturing and supply chain investment, increasing its commitment by $100 billion to a total of $600 billion over the next four years. This expansion includes major agreements with suppliers, such as a $2.5 billion deal with Corning (NYSE:GLW) and a new multiyear arrangement with Coherent (NYSE:COHR). As a result of these investments, Apple has reportedly secured a tariff exemption on imported goods to the United States, a development noted by UBS, which maintained a Neutral rating and a $220 price target for Apple. Meanwhile, Evercore ISI reiterated an Outperform rating with a $250 price target, following Apple’s announcement of its expanded U.S. investment. Additionally, BofA Securities raised its price target on Apple to $250, citing the likelihood of tariff exemptions due to the company’s increased U.S. investments. Wells Fargo (NYSE:WFC) also maintained its Overweight rating with a $245 price target, highlighting the expanded investment plans. Furthermore, GlobalFoundries (NASDAQ:GFS) announced an expanded partnership with Apple to advance wireless connectivity and power management technologies, which will support U.S. chip manufacturing efforts. These developments underscore Apple’s strategic moves to bolster its presence and capabilities in the United States.
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