TLDR
- Apple stock closed at a record high of $287.51, its first new closing record since December 2, 2025.
- BofA raised its price target to $330 after Apple’s fiscal Q2 2026 results beat estimates.
- Apple’s Worldwide Developers Conference kicks off June 8, with AI updates expected to be a key focus.
- CEO Tim Cook will step down in September, replaced by hardware chief John Ternus.
- Analyst targets range from $300 to $350, with several desks calling $300 a near-term checkpoint.
Apple (AAPL) stock closed at $287.51 on Wednesday, up 1.2% on the day — its first record close since December 2, 2025, when it ended at $286.19.
The move comes after a strong run for the stock over the past week. On May 1, AAPL jumped 3.2% after Apple posted better-than-expected fiscal Q2 2026 results, with revenue and earnings both clearing estimates by a wide margin.
The Services segment hit a new all-time high during the quarter. Apple also announced a $100 billion share buyback and a dividend increase — moves that Wall Street read as a clear sign of cash flow confidence.
Bank of America analyst Wamsi Mohan raised his price target to $330 from $325 following the results, calling it “a premium story in an otherwise messy market.” He pointed to strong iPhone demand, double-digit Services growth, and foreign exchange tailwinds as the basis for the upgrade.
Bernstein’s Mark Newman went further, raising his target to $350 from $340, citing market share gains and higher average selling prices. Wedbush, which already had a $350 target, held its position after the results.
BNP Paribas also upgraded Apple to Outperform with a $300 target, pointing to improving iPhone demand and a more positive outlook on AI-linked Services revenue in the second half of 2026.
The broader analyst consensus has moved up sharply. Across more than 30 analysts, the average Apple stock forecast for 2026 now sits near $300 to $305.
At $284, a move to $300 would be roughly 5.6% — modest relative to the upgrades already on the table.
June 8 WWDC Is the Next Big Test
Despite the record close, Apple still has ground to prove. The company’s Worldwide Developers Conference begins June 8, and investors are watching closely for AI updates.
A key item on the wishlist: a more personalized, AI-powered Siri. Apple has said it’s coming “this year,” but Wall Street is still waiting to see it in action. It was at WWDC 2024 that Apple first unveiled Apple Intelligence — two years on, some investors feel the technology has yet to deliver a standout moment.
Melius Research analyst Ben Reitzes wrote on May 1 that Apple is “executing very well into a big event that should help change the narrative.”
CEO Transition in Focus
Apple also confirmed last month that Tim Cook will step down in September. John Ternus, currently senior vice president of hardware engineering, will take over as CEO.
The stock’s recovery since that announcement suggests investors are comfortable with the transition. Wedbush’s Daniel Ives noted that “Apple’s AI integration roadmap and services monetisation potential remain intact despite the CEO change,” while flagging tariffs and macro uncertainty as near-term risks.
App Store revenue reached $3.2 billion in the first 33 days of Q3, up 3.7% year over year — a data point BofA used to support its view that Q3 momentum would hold.
Apple stock was down 0.2% in premarket trading on Thursday.
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