TD Cowen reiterates Buy rating and $275 target on Apple stock

On Tuesday, TD Cowen analysts maintained a Buy rating on Apple stock (NASDAQ: AAPL) with a price target of $275, well above the current trading price of $202.91. With a market capitalization of $3.03 trillion, Apple remains a prominent player in the Technology Hardware industry. According to InvestingPro data, analyst targets range from $170.62 to $300, reflecting diverse views on the tech giant’s future. The analysts highlighted the importance of developer access to Apple’s Foundation Models as a significant step toward integrating models and apps, expected to advance by 2026.

The analysts noted that the absence of generative AI in Siri and the anticipated lack of major iPhone specification upgrades in the latter half of 2025 might shift the device upgrade cycle to the second half of 2026. They emphasized Apple’s capability to sustain capital returns despite tariff costs and litigation risks as a crucial factor in the near term. InvestingPro analysis shows strong financial health with a 46.63% gross profit margin and consistent dividend payments, which have grown for 13 consecutive years.

At the recent Worldwide Developers Conference (WWDC) 2025, Apple unveiled new Apple Intelligence features. The rollout was described as a "steady stream" of AI-enhanced features, marking an improvement from last year’s "light trickle."

While the delay in Siri enhancements and the absence of chatbot technology might be seen as setbacks, the analysts acknowledged Apple’s increased integration of Apple Intelligence into iOS. This integration uses a multimodal model approach, potentially allowing users to choose their preferred leading-edge large language model where it matters.

The analysts also mentioned that the iPhone refresh in the latter half of 2025 is unlikely to feature major specification upgrades, aside from possibly increased DRAM content. They anticipate that Apple will adopt 2nm chips in the second half of 2026, which could significantly enhance AI performance and serve as a catalyst for device upgrades. With revenue of $400.37 billion in the last twelve months and a P/E ratio of 31.6, Apple continues to command premium valuations. For deeper insights into Apple’s valuation and growth prospects, including 10+ additional ProTips and comprehensive financial analysis, check out the full research report on InvestingPro.

In other recent news, Apple Inc (NASDAQ:AAPL). has been the focus of several investment firms following its Worldwide Developers Conference (WWDC). Citi maintained a Buy rating with a $240 price target, praising the overhaul of Apple’s software designs and the integration of Apple Intelligence across devices. Despite a delay in the personalized Siri update to 2026, the firm sees potential growth in iPhone unit sales for the coming years. Goldman Sachs also reiterated a Buy rating with a $253 target, highlighting new AI-driven features like live translation and enhanced Visual Intelligence. The firm expects improvements in the iPhone replacement cycle with new models anticipated in future years. Evercore ISI maintained its Outperform rating with a $250 target, noting Apple’s decision to allow developers access to foundational AI models. Raymond (NSE:RYMD) James continues to rate Apple as Outperform with a $230 target, emphasizing the momentum from new AI features and the potential for increased Services revenue. Additionally, Citi analysts placed Skyworks Solutions (NASDAQ:SWKS) and Qorvo (NASDAQ:QRVO) on a 90-day catalyst watch due to positive indicators in the Apple supply chain, suggesting these companies might benefit from increased iPhone demand.

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