TD Cowen and Morgan Stanley increase Price Targets

From 335 to 350 and 330 to 360

TD Cowen analyst Krish Sankar assigned a Buy rating to Apple yesterday and set a price target of $350.00. The company’s shares closed yesterday at $301.54.

Source: The Globe and Mail via Analyst: Krish Sankar

Separately, Morgan Stanley analyst Eric Woodring also weighed in, maintaining an outperform (buy) rating on the stock while increasing his base price target to $360 and his bull target to $440, or 51% potential upside. He said this event "has the chance to reframe Apple as an AI winner."

NB: New average is $305. Published targets: 34. Analysts following: 41

The moves follow WWDC and might suggest relief that performance expected will be met. Note well that this AI adoption cycle will be slow. My expectation is 10 years to 50% penetration. (I measure penetration as percent of Apple uses using Siri AI at least once a week.)

In 2018, Apple became the first U.S. company to attain a $1 trillion market cap, jostling with Saudi Aramco for top spot globally. At that time many on Wall Street threw in the towel, concluding that the stock had peaked. I remember reading many analyses saying that what goes up must come down, whoever reaches the top inevitably falls, the law of large numbers, its best days were behind it. Indeed, at that time, roughly half of the analysts covering the stock rated it a hold or a sell.

Nothing changed.