TLDR
- Apple stock hit an all-time high of $344.94, with the stock trading around $344.70 and a market cap of $5.01 trillion
- AAPL is up 34% over the past 12 months, driven by strong revenue growth and new product launches
- Q3 2026 EPS came in at $2.02, up 29% year-over-year, though a $0.11 tariff refund boosted the figure
- Apple’s foldable iPhone Duo launches in October 2026, with analysts forecasting $528 billion in 2027 revenues
- Wall Street holds a Moderate Buy consensus with a 12-month price target of $337.61, below the current price
Apple (AAPL) stock hit a record high of $344.94 on Monday, bringing its 12-month gain to roughly 34%. The stock settled at $344.70, pushing Apple’s market cap to $5.01 trillion.
The record comes after Apple posted strong fiscal Q3 2026 results. Revenue grew 16% year-over-year, with iPhone revenue up 22% and Mac revenue up 29%. EPS landed at $2.02, a 29% jump from the same quarter a year ago.
There is a catch on that earnings number, though. Apple received a one-off tariff refund worth $0.11 per share. Strip that out and underlying EPS growth was closer to 22%, still solid but not quite as clean as the headline figure suggests.
Then-CEO Tim Cook called it Apple’s “strongest June quarter ever,” pointing to double-digit growth across iPhone, Mac, and Services, and across every geographic region.
iPhone Duo and 2027 Outlook
Apple unveiled its first foldable smartphone, the iPhone Duo, in early September 2026. The device goes on sale in October, meaning its financial impact will show up in Q1 FY2027 results early next year.
Apple also raised prices on earlier iPhone models by $100, citing soaring memory costs. Analysts expect that pricing power to support 2027 revenues of around $528 billion, about 10.5% growth over 2026.
That topline outlook is encouraging, but earnings growth is a different story. Analysts are forecasting EPS of $9.59 for 2027, implying about 9% growth. The absence of tariff refunds and ongoing pressure from high memory costs are expected to weigh on margins.
At the current price, AAPL trades at 35.35x expected 2027 earnings. That is nearly 30% above Apple’s own five-year average forward price-to-earnings ratio.
Analyst Views Split on Valuation
Some analysts see room to run. Evercore ISI raised its price target to $380, pointing to stronger-than-expected consumer demand for the iPhone 18 Pro and Pro Max based on survey data.
BofA Securities reiterated its Buy rating, noting that carrier incentives are helping offset Apple’s higher pricing on the iPhone 18 Pro Max.
UBS took a more cautious view, keeping a Neutral rating and flagging muted demand signals, including shorter wait times for the iPhone 18 Pro compared to last year.
Wall Street’s overall consensus sits at Moderate Buy, based on 16 Buy, 11 Hold, and 4 Sell ratings over the past three months. The average 12-month price target is $337.61, which is actually below where the stock is trading right now.
One analyst rated the stock a Hold, arguing the recent rally has frontloaded gains for shareholders. They pointed to the high forward multiple as a reason for caution despite no major red flags in the underlying business.
Apple does carry a net cash position when accounting for its marketable securities, meaning it generates earnings with essentially no leverage.
The most recent analyst action remains Evercore ISI’s $380 price target raise, making it the most bullish call on the street heading into the iPhone Duo launch.
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