Apple Stock Keeps Hitting New Highs. It's More Than Just the iPhone. -- Barrons.com

Dow Jones05-15

By Angela Palumbo

Apple stock continues to notch one record after another, extending this year's impressive rebound. Evercore ISI doesn't see the momentum stopping anytime soon, for more reasons than just growing iPhone sales.

Amit Daryanani increased his price target for Apple to $365 from $330 on Thursday, which implies a 22% increase from the stock's last closing price of $298.87.

Daryanani's increased bullishness on Apple stock is based on confidence that the company can grow earnings and free cash flow at a steady pace, he wrote in a research note. Even if iPhone sales moderate, he says customers will likely prioritize purchasing higher-end, more expensive iPhone models. This could include the highly anticipated foldable iPhone.

The analyst is also confident that Apple will continue to grow its services segment, which includes the App Store and other subscription services and is the company's highest margin piece of the business. That, along with selling higher-priced iPhones, could help Apple's overall margins as memory cost headwinds remain, he said.

Daryanani's new price target follows a strong month for the stock. While the shares were down Thursday, they closed at a record high of $287.51 on May 6, which was their first record close since Dec. 2, 2025. The stock then proceeded to close at record highs on May 8, May 12, and May 13.

Apple needs to share meaningful artificial-intelligence updates at its World Wide Developers Conference on June 8 to keep Wall Street excited. So far, customers and investors have been disappointed with the AI updates the company has released.

"We now expect AAPL to preview the strategy at WWDC and release a more personalized Siri with iOS 27 in the fall," alongside the September iPhone event, Daryanani wrote.

Apple slipped 1% to $295.87 on Thursday. The stock has gained 8.8% this year.

Write to Angela Palumbo at angela.palumbo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

 

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May 14, 2026 13:56 ET (17:56 GMT)

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