Apple shares reached a new intraday high on Tuesday, and many on Wall Street think there is more growth to come. The stock rose 0.8% to $311.40, bringing its 2026 gains to about 15%. Two major analyst upgrades are fueling optimism for a new product cycle led by an AI-powered Siri. Here’s what the upgrades predict and why analysts think Apple’s strong position in smartphones gives it an edge in the AI competition.
Bank of America increased its price target for Apple to $380 per share, which would mean a market value of about $5.5 trillion in the next year. Their positive outlook is based on Apple’s reputation as the most trusted consumer device brand. With 2.3 billion App Store apps, 2.5 billion users, and control over identity, payments, and personal data, BofA’s analyst says Apple is in a strong position to lead in AI. A smarter Siri that can handle user requests across Apple’s devices, its private cloud, and third-party AI could bring in up to $65 billion more revenue by 2030 and about $2 billion more earnings over the next four years.
Melius Research raised its Apple price target to $385 and expects the company’s revenue to reach about $613 billion in 2028, which is almost 50% higher than in 2025. The firm believes Apple is close to making a big impact in AI, saying the world is ready for voice-based computing. They think a new version of Siri could work as its own app and might even replace ChatGPT for Apple users. Melius sees this as the start of a new product cycle that could keep iPhone sales strong and get developers excited like they were when the App Store first launched.
Apple is expected to introduce a new version of Siri at its Worldwide Developers Conference in early June in California. The updated assistant will use Alphabet’s Gemini as a core AI feature while keeping Apple’s well-known privacy protections. New iPhones coming out in the fall are also expected to include more advanced AI features.
Since the start of the second quarter, Apple’s stock has risen more than 22%. This growth is faster than Microsoft, Tesla, and Meta, but Apple still lags behind Nvidia, Alphabet, and Amazon among the Magnificent Seven.
