Apple (AAPL) PT Raised to $260 at Rothschild Redburn

Rothschild Redburn analyst James Cordwell raised the price target on Apple (NASDAQ: AAPL) to $260.00 (from $230.00) while maintaining a Neutral rating.

The analyst comments: "Over the last seven years the Apple equity story has been primarily Services-led, as the company ramped up the monetisation of its installed base of users. However, our thesis on Apple has been that it was returning to being a hardware-led company and stock given the strengthening pipeline of products and the underappreciated ongoing pricing power in the iPhone. This thesis was clearly on display at the 2025 iPhone launch event, where design was very much placed front and centre, the new iPhone Air model seemed to impress, and the company raised prices on certain iPhone models for the first time in three years.

Against this backdrop, consensus FY26 (Sep) iPhone revenue growth of 4% YoY looks achievable, and we raise our own projection to 5% YoY from 3% YoY previously (at the same time reflecting the impact of 3Q25 results). We do however remain Neutral given the stock already commands a 25x CY27 PE, based on our revised FY26 / FY27 EPS estimates of $8.24 / $9.05 (prior $7.74 / $8.59). At the same time we lift our price target to $260 from $230, which requires a 28x CY27 GAAP PE, the implied 30% premium to the S&P at the midpoint of the stock’s post-Covid range and the high-end of the range prior to that period."

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