Apple (AAPL) recently started hosting its WWDC 2026 event, which was packed with reveals about its biggest offerings. This event is aimed at users and developers, as the company seeks to position itself as a leader in the highly competitive AI space. Of course, the biggest reveal in the event was the update to its voice assistant Siri.
With the power of Alphabet's (GOOG) (GOOGL) Google Gemini, Apple says the updated Siri will be more capable, conversational, and equipped with visual intelligence. It will live in a dedicated standalone app while functioning across the company's existing apps. Further, the company announced a slew of Apple Intelligence updates across its apps, including one-tap password updating and cross-app context awareness.
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This event has sparked interest among analysts who see it as a positive catalyst for Apple. Wedbush analysts, led by Dan Ives, kept an “Outperform” rating and a Street-high $400 price target. Wedbush analysts were impressed by Apple's AI roadmap, which could unlock monetization. And, they highlighted how the company has integrated AI deep into everyday products with a focus on privacy. Wedbush analysts believe that AI monetization will add $75 to $100 to Apple's stock, and that is not being factored in.
Given this backdrop, we take a closer look at Apple…
About Apple Stock
Headquartered at Apple Park in Cupertino, California, Apple is reshaping its global operations through strategic supply chain diversification and expanded manufacturing. The company is accelerating U.S. production by moving Mac mini manufacturing to Houston and committing billions to bring critical component manufacturing back to the U.S.
Simultaneously, Apple is pivoting away from China by producing a significant amount of iPhones in India. These operational shifts strengthen supply chain resilience while deepening investment in key growth markets. The company has a massive market capitalization of $4.28 trillion.
Apple’s stock rally has been fueled by blockbuster iPhone sales, particularly extraordinary demand for the iPhone 17 lineup, marking a robust upgrade cycle. Over the past 52 weeks, the stock has gained 50.89%, and it is up 9.03% year-to-date (YTD). Apple’s shares reached a 52-week high of $317.40 on June 8, but are down 6.6% from that level.
www.barchart.com On a forward-adjusted basis, Apple’s price-to-earnings GAAP ratio of 33.80 times is modestly higher than the industry average of 32.76 times.
Apple Q2 Earnings: Strong iPhone Sales and Services Growth Drive Profit Beat
For the second quarter of fiscal 2026 (quarter ended March 28), Apple’s total net sales increased 16.6% year-over-year (YOY) to $111.18 billion, which is higher than the $109.48 billion that Wall Street analysts had expected.
This growth was led by a 21.7% YOY growth in iPhone sales to $56.99 billion, as the company faced extraordinary demand for the iPhone 17 lineup, while services revenue increased 16.3% annually to $30.98 billion. This growth also translated into Apple’s EPS growing 21.8% YOY to $2.01, exceeding the $1.92 expected by Street analysts.
Wall Street analysts are robustly optimistic about Apple’s future earnings. For the current fiscal year, EPS is projected to surge 17.3% annually to $8.75, followed by a 9.14% growth to $9.55 in the next fiscal year. Analysts expect the company’s EPS to grow by 19.75% YOY to $1.88 for the third quarter of fiscal 2026.
What Do Analysts Think About Apple’s Stock?
In addition to Wedbush analysts, other analysts have reiterated their positive stances on Apple’s stock. Morgan Stanley analysts maintained their “Overweight” rating on the stock and raised the price target from $330 to $360. The analysts cited Apple’s AI and Siri upgrades, which might provide monetization opportunities earlier than expected.
TD Cowen analysts raised the price target on AAPL from $335 to $350 while maintaining a “Buy” rating on the stock, citing the WWDC Keynote that demonstrated continued progress in Apple’s hybrid foundation model architecture.
Apple has long been a popular name on Wall Street, with analysts awarding it a consensus “Moderate Buy” rating overall. Of the 42 analysts rating the stock, 23 have given it a “Strong Buy” rating, three a “Moderate Buy,” 15 a “Hold,” and one a “Strong Sell.” The consensus price target of $313.61 represents a 5.8% upside from current levels. Moreover, the Street-high Wedbush-given price target of $400 implies a 34.9% upside.
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www.barchart.com On the date of publication, Anushka Dutta did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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