- HSBC raised its Apple price target to $366, the highest on Wall Street, after the stock hit an all-time high of $334.68 on July 16.
- Analyst Nicolas Cote-Colisson upgraded Apple from Hold to Buy, citing a low capex strategy and a strong product pipeline featuring the iPhone 18 Pro and a foldable device.
- HSBC lifted its 2027-28 revenue forecasts by 7% to 9% and its EPS estimate to $10.26, well above consensus, though some analysts remain cautious on valuation.
HSBC raised its Apple price target to $366, the highest on the Street, just after the stock touched an all-time high of $334.68 on July 16. Analyst Nicolas Cote-Colisson upgraded the stock from Hold to Buy, projecting nearly 10% upside from that close.
The move landed less than two weeks before Apple’s earnings report on July 30. Apple had already climbed 23% in 2026 before this upgrade, but HSBC had previously favored hyperscalers and memory chip makers over the tech giant.
Cote-Colisson stated that Apple is at an operational turning point, noting the company can avoid high capital expenditure while leveraging its 2.5 billion installed device base with revamped Apple Intelligence. “Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate… it is also well placed to leverage its 2.5 billion installed device base with its forthcoming revamped Apple Intelligence,” he said.
The analyst also pointed to one of the most innovative product pipelines in place, including the iPhone 18 Pro, an iPhone Air, and a book-style foldable iPhone. “This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place,” he added.
HSBC lifted its 2027-28 group revenue forecasts by 7% to 9%, with iPhone sales estimates rising 11% to 13%. The bank’s 2027 EPS estimate of $10.26 sits about 7.5% above current consensus.
Tim Cook has warned of higher memory costs, stating “We expect significantly higher memory costs” and that these costs would drive an increasing impact beyond the June quarter. The stock’s trailing P/E has pushed toward 40, with KeyBanc holding an Underweight rating and a $250 price target.
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