Apple (AAPL) PT Raised to $350 at Maxim Group following WWDC

Maxim Group analyst Tom Forte raised the price target on Apple (NASDAQ: AAPL) to $350.00 (from $310.00) while maintaining a Buy rating.

The analyst commented: "Yesterday (6/8), during Market hours, Apple management gave a keynote speech at its Worldwide Developers Conference (WWDC26) that, we believe, showcased meaningful improvements in its AI-related efforts. In particular, the company plans to offer consumers an enhanced version of Siri through a beta launch later this year. The initial rollout is likely to be in the U.S. as launches in Europe and China are expected to take to take longer due to regulatory hurdles. Consistent with prior WWDC keynote speeches, management did not update guidance. Following the event, we are increasing our FY27 (Sep) projections on the expectation that the improvement in AI-related products are a catalyst for both services and hardware sales. We reiterate our Buy rating and raise our price target to $350, from $310. Our new price target is based on a P/E multiple of 33x (up from 30x) applied to our new FY27 estimate. Shares are currently trading at 28.3x our FY27 EPS estimate, a discount to its big-tech peer average of 34.5x."

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