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In a new research note, the analyst raised his price target on Apple stock to $365 from $330 while keeping an Outperform rating. More notably, he outlined a bull case scenario that could push Apple’s valuation toward a stunning $500 per share.
Why Is Daryanani Bullish on Apple Stock?
While many investors remain focused on slower iPhone demand and delays tied to Apple Intelligence, Daryanani argues Apple’s long-term story is still its strong ecosystem, not just iPhone sales. He believes the company can keep growing revenue and earnings through its higher-margin Services business, more premium iPhone models, strong cash returns, and future AI revenue that Wall Street is still not fully pricing in.
The analyst also sees another potential catalyst ahead: Apple’s expected foldable iPhone launch, which could help drive higher average selling prices and strengthen upgrade demand. At the same time, Evercore believes Apple Intelligence could eventually open several new revenue streams across subscriptions, App Store spending, services, and device sales.
