Apple's stock reached an all-time high of $334.68 this week, reflecting a 23% increase year-to-date. HSBC analyst Nicolas Cote-Colisson believes that the company's focus on artificial intelligence, including the upcoming launch of a revamped Siri and Apple Intelligence for its devices, positions it well for continued growth.
The investment bank raised its price target for Apple shares from $260 to $366, indicating a potential upside of 10% from the recent closing price. Cote-Colisson noted that Apple is at a pivotal operational point, with a low capital expenditure relative to its sales, allowing it to leverage its extensive installed device base.
Additionally, the anticipated release of new products, including the foldable iPhone Ultra and the iPhone 18 Pro models, is expected to further enhance customer demand. This optimistic outlook aligns with broader market sentiment, as 31 out of 48 analysts covering Apple currently rate it as a buy or strong buy