Apple Trades Near Record High as AI Optimism Lifts Shares, but Analyst Targets Remain Divided

Key Points

• Apple shares traded near $355, giving the company a market capitalization of approximately $5.16 trillion.
• Evercore ISI and Bernstein have $380 price targets, while Wedbush maintains a $400 target.
• DA Davidson remains more cautious, with a Neutral rating and a $295 target.
• Investors are balancing AI-driven growth potential against services performance, cost pressures and valuation.

Apple (Nasdaq: AAPL) is trading near its 52-week high following a strong rally over the past year. A retrieved intraday quote showed shares at $355.21, close to the listed high of $355.38, with a market capitalization of approximately $5.16 trillion. That snapshot did not independently confirm the reported $355.31 closing price or a new all-time high.

AI Opportunity Supports Bullish Targets

Evercore ISI maintains an Outperform rating and a $380 price target, highlighting the potential of Siri’s AI capabilities. Bernstein also raised its target to $380 from $370, citing Apple’s role as a consumer gateway to AI and market-share gains in smartphones and PCs.

Wedbush analyst Dan Ives remains bullish with an Outperform rating and a $400 target. These views reflect expectations that Apple can use its device ecosystem and AI capabilities to support upgrades and longer-term growth.

However, expectations are not uniformly positive. DA Davidson raised its target to $295 from $270 but retained a Neutral rating, noting continued iPhone upgrades and steady Mac sales alongside softer-than-expected services growth. Bernstein also slightly reduced its fiscal 2027 and 2028 earnings estimates despite increasing its price target.

Growth Outlook Faces Cost and Valuation Tests

Apple’s December-quarter outlook calls for revenue growth of 7%–10%. Memory-cost inflation and higher AI-related operating expenses remain potential pressures on profitability.

Valuation also raises the stakes. The retrieved market data placed Apple at approximately 39.5 times earnings, with an average analyst price target of $340.77—below the share price—even though the overall consensus remained Buy.

Investor Takeaway

Apple’s rally reflects high expectations for product demand and AI-led growth. However, rising price targets do not necessarily mean earnings forecasts are improving at the same pace, as Bernstein’s revisions demonstrate.

The key question is whether revenue growth, AI adoption and cost management can deliver enough earnings growth to support the valuation. Services performance and hardware demand remain important tests as shares trade near record levels.