We already covered Apple back in February of this year. A lot has changed since then. Operational performance has improved, and the stock has reached its short-term price target and has even nearly reached our long-term price target. It’s time to take another look at Apple.

Read our article from February 12, 2026, HERE : Apple’s healthy correction sets the stage for the next rally.

What has changed at Apple over the past six months?

The most significant change is that Apple’s growth has clearly accelerated. For the quarter ending in March, revenue rose 17% to $111.2 billion, and earnings per share increased 22% to $2.01. A quarter later, revenue came in at $109.4 billion, a 16% increase, while earnings per share rose by 29%.

The iPhone and Mac performed particularly well. China, which was still a major cause for concern at the beginning of this year, also showed signs of recovery. Revenue in China rose by more than 22% to $18.82 billion in the last quarter.

In addition, Apple has further expanded its product lineup. With new iPhones, MacBooks, and the more affordable MacBook Neo, among other products, the company is aiming to reach both the premium segment and a broader group of consumers . Apple has also made strides in the field of artificial intelligence. During the Worldwide Developers Conference (WWDC), its annual developer conference, Apple unveiled an updated Siri and a new generation of Apple Intelligence. This is of great importance, as the company’s lag in AI had long been one of the main concerns among investors. The new features could ultimately provide consumers with an additional reason to upgrade their iPhones.

However, limitations remain. The updated Siri is not yet available in all markets, partly due to regulations in the European Union and China. At the same time, strong demand for iPhones and Macs has created a new problem: Apple is facing constraints in the availability of chips and memory.

For the current quarter, the company therefore expects revenue growth of approximately 9 to 11%, while analysts had anticipated around 12%. This cautious outlook put pressure on the stock price following the release of the latest quarterly results. Services also deserves attention. This division is still growing, but at a slower pace than investors are accustomed to. Furthermore, regulations surrounding the App Store in Europe and legal developments in the United States are putting some pressure on the revenue model.

In addition, Apple is facing a major leadership transition. According to the announced plans, Tim Cook will step down as CEO on September 1 and will be succeeded by John Ternus. Cook will remain involved with the company as executive chairman.

What do analysts expect?

International analysts remain largely positive about Apple, but opinions vary widely. On the optimistic side are Bank of America, HSBC, Citi, and Morgan Stanley, among others, with price targets ranging from approximately $360 to $380. They primarily point to the strong iPhone cycle, the recovery in China, and the opportunities surrounding AI.

On the other hand, UBS, Jefferies, and KeyBanc, among others, are primarily concerned about the high valuation, rising component costs, and whether Apple can achieve sufficient growth to justify the current stock price.

Apple has become stronger operationally, but at the same time, the stock is trading at a high valuation.

At a price of approximately $305, the price-to-earnings ratio is around 35. This means that investors have already priced in a significant amount of future growth. Good quarterly results alone are therefore not enough: Apple must continue to exceed high expectations.

The broad analyst consensus currently stands at around $325 per share.

What is Yelza’s outlook on Apple stock?

Apple remains fundamentally a strong company, with a powerful brand, a large ecosystem, and high recurring revenue. At the same time, a significant portion of that strong business profile is now reflected in the stock price. The key question, therefore, is no longer just whether Apple can grow, but rather whether that growth will be strong enough to justify the current valuation.

The mixed signals are creating uncertainty about the stock’s future performance. We therefore expect a volatile price range between $275 and $345 over the next twelve months. At the same time, this volatility may present opportunities.

Below you will find the price chart for the past year, including our base scenario for the coming period.

Conclusion

Apple remains fundamentally strong, but its high valuation makes the stock sensitive to disappointing growth expectations and the further development of its AI strategy. Should the price fall to the $275 to $285 range, we see room for a potential entry. With a price target of $345, the upside potential from this range is approximately 21% to 25%.

Apple is expected to report its fourth-quarter results and thus its full fiscal year 2026 results on October 29, 2026. The final release date has not yet been confirmed by Apple.

Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. They are therefore intended for educational purposes only.