TLDR
- Apple stock rose 1.3% to $337.40, nearing a new all-time closing high of $333.74
- AAPL reclaimed the No. 1 spot as the world’s most valuable public company, overtaking Nvidia
- A close above $340.43 would push Apple’s market cap to $5 trillion for the first time
- Wall Street expects Q3 EPS of $1.89 (up 20.4%) and revenue of $109.03 billion (up 16%)
- HSBC upgraded AAPL to Buy with a $366 price target, calling it an “operational turning point”
Apple stock climbed 1.3% to $337.40 on Monday, putting it within striking distance of a new all-time closing high. The current record close stands at $333.74.
A close above $340.43 would push Apple’s market cap past $5 trillion — a milestone the company has never hit before.
The move comes just days before Apple reports fiscal Q3 results after the bell on Thursday, July 30. It will also be Tim Cook’s last earnings call as CEO.
AAPL reclaimed its spot as the world’s most valuable public company on Monday, overtaking Nvidia. NVDA fell nearly 5%, dropping its market value to around $4.77 trillion, while Apple pushed close to $5 trillion.
Apple has gained roughly 20% over the past month. Stronger iPhone demand and growing services revenue have been the main drivers.
Apple was the clear standout in the Magnificent Seven on Monday. The rest of the group remained at least 15% below their own all-time highs.
Analysts Turn More Bullish
HSBC analyst Nicolas Cote Colisson upgraded Apple to Buy and raised his price target to $366. He described the company as reaching an “operational turning point.”
He highlighted Apple’s ability to sidestep the heavy data center spending that’s weighing on other AI players, while still using its 2.5 billion-device base to push Apple Intelligence forward.
The analyst sees Apple’s revamped agentic Siri as a key development, following earlier AI features that failed to gain traction. He also pointed to a strong hardware pipeline, including the iPhone 18 Pro, a planned iPhone Air in 2027, and a foldable device.
Baird, Morgan Stanley, and Goldman Sachs also raised their price targets on AAPL.
Wall Street’s overall consensus sits at Moderate Buy, based on 16 Buy ratings, nine Holds, and two Sells. The average price target is $329.52.
What Wall Street Expects From Thursday’s Earnings
Analysts project Q3 EPS of $1.89, which would represent 20.4% growth year over year. Revenue is expected to come in at $109.03 billion, up 16% from the same period last year.
Thursday’s report will be the first quarterly release since Apple raised prices to offset higher memory costs.
Investors will be watching for updates on AI feature adoption, device refresh cycles, and services growth.
Nvidia had held the top market cap spot for much of the year, driven by surging demand for AI chips. Recent volatility in semiconductor stocks gave Apple the opening to retake the lead.
The average AAPL price target of $329.52 implies roughly 2% downside from current levels, even with the recent run-up.
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