HSBC upgraded Apple from Hold to Buy on Friday, hiking its price target from $260 to $366. That implies roughly 10% upside from current levels.
What’s driving the upgrade
HSBC’s thesis boils down to two words: Apple Intelligence. The bank’s analysts described the current moment as an “operational turning point” for the company, anchored by the next-generation AI features and revamped Siri that Apple unveiled at its Worldwide Developers Conference on June 8.
The numbers tell the story. HSBC projects iPhone sales to grow approximately 21% in 2026, followed by 11.6% in 2027. HSBC raised its 2027 Services revenue forecast by 5.4%, reflecting expectations that AI features will deepen user engagement and spending within Apple’s ecosystem.
Apple is weaving intelligence into the operating system itself, launching alongside iOS 27. Apple already has devices in roughly 1.5 billion pockets worldwide.
