Apple stock could trade as high as $300 after investors reset their expectations around the rollout of an artificial-intelligence-enabled Siri upgrade, Citi Research analysts argued.
Analysts led by Atif Malik reiterated a Buy rating and $275 price target on shares of the iPhone maker. Apple stock declined 1% to $219.91 in premarket trading, with the price target suggesting 25% upside from current levels. Futures tracking the S&P 500 and tech-heavy Nasdaq Composite each were down 0.5%.
Citi analysts believe Apple stock is nearing their bear case, with the price seen rising as high as $300, after a selloff that resulted from the delayed rollout of Siri with Apple Intelligence. Shares sank in March following reports that the tech giant indefinitely had delayed the release of the AI-powered upgrade to its flagship voice assistant.
Apple previewed Siri with AI at its Worldwide Developers Conference last June, leading to expectations that the improved voice assistant would debut along with the release of iOS 18.4, announced Monday. The latest operating system update expanded Apple Intelligence into several new languages including simplified Chinese.
While AI improvements to Siri were missing from the picture, this came as no surprise, Citi argued. Despite a lack of clear timelines on Apple’s part, the analysts believe the company will likely “reset Siri software expectations” on its next earnings call in May.
If all goes according to plan, the analysts said investors should see a “big Siri update with on-screen awareness, personal context, and deep app integration” in 2026 and the iOS 19 cycle, while ”more advanced Siri” should arrive sometime between 2026 and 2027.
The Citi team noted that the target price was 30 times the company’s 2027 earnings per share, and represents about a 20% premium to Apple’s historical levels. In their view, a premium is needed to reflect expanding gross margins, growing sales mix, and a strong balance sheet, in addition to gradual Apple Intelligence adoption.
Potential headwinds include a weaker demand environment and ramping U.S.-China tensions, which could impact Apple’s supply chain. The company is heavily reliant on suppliers and manufacturers in Taiwan and mainland China, the analysts noted.
Of 51 analysts polled by FactSet, 31 rate Apple stock at Buy or the equivalent, 14 rate it at Hold, and six at Sell.
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