Apple Inc: Analyst Coverage Update

Apple Inc. (AAPL)

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Following Apple’s Worldwide Developers Conference (WWDC) 2025, analysts across major investment firms issued updated guidance on the stock, offering a wide range of perspectives that reflect both optimism and concern. While Apple’s AI-related announcements were met with mixed reviews, many analysts acknowledged the company’s broader software improvements and strategic ecosystem enhancements as key strengths.

Monness, Crespi, Hardt & Co. reaffirmed their Buy rating on Apple and raised their price target to $245. The firm noted that although Apple’s AI announcements were relatively modest compared to industry expectations, they view the company’s approach as deliberate and grounded. According to their analysis, Apple’s integration of AI into its core operating systems—rather than launching standalone AI products—reflects a long-term strategy centered on privacy, functionality, and ecosystem cohesion. Monness believes that these incremental advancements, combined with the strength of Apple’s services and hardware loyalty, support continued growth in both earnings and valuation.

Bank of America Merrill Lynch also reiterated their Buy rating, with a slightly lower target of $235 from $250. The BofA analysts highlighted Apple’s strong positioning in the premium hardware market and praised the company’s consistency in monetizing its expanding user base. They acknowledged that while WWDC did not deliver a “wow factor” in AI, Apple’s long-term prospects remain solid thanks to its integrated platform model and high-margin services segment. The firm continues to view Apple as a defensive tech play with stable revenue streams and considerable room to grow earnings through upgrades and cross-selling within its ecosystem.

Morningstar maintained its Hold rating and kept the price target at $200, stating that Apple shares are fairly valued at current levels. The firm commended the company for its redesigned software and incremental innovation, but noted that the lack of a major new product category or disruptive AI strategy limited immediate upside. Morningstar sees Apple as a steady performer with a resilient business model but believes the stock’s current valuation already reflects much of its foreseeable growth.

Wedbush Securities remained one of the most bullish voices, reiterating their Outperform rating and maintaining a target price of $270, the highest among the group. The firm described WWDC 2025 as a “strategic setup” rather than a flashy unveiling. Wedbush emphasized Apple’s enormous installed base—now exceeding 2.3 billion devices—as a key differentiator, and one that could unlock massive potential through personalized AI features and deeper service integration. While AI announcements were not groundbreaking, Wedbush believes they are part of a longer-term play that will materialize in upcoming hardware refreshes and cloud services. The analysts remain confident in Apple’s ability to execute and scale innovation at a pace that aligns with user needs and brand expectations.

Barclays Capital maintained its Sell rating on the stock and set the lowest price target at $173. Analysts at Barclays were unimpressed by WWDC’s lack of bold AI direction and expressed concern that Apple is falling behind competitors such as Microsoft, Google, and Meta in the AI race. The firm also noted growing reliance on iPhone sales and questioned the sustainability of Apple’s services growth. In their view, Apple’s current valuation is difficult to justify without a significant leap in innovation or expansion into new high-growth markets. As such, Barclays remains skeptical and sees potential downside risk if macroeconomic conditions tighten or consumer demand softens.