As Apple Inc. (NASDAQ: AAPL) stock surged to a new all-time high on July 17, Nicolas Cote Colisson, a Wall Street analyst from HSBC Holdings PLC ADR (NYSE: HSBC), has signaled further upside over the next 12 months.
Cote upgraded AAPL stock to a Buy rating in a note to clients on July 16. He also lifted the firm’s 12-month price target for AAPL stock to $366 from $260, thereby signaling a potential 9.82% upside.
The analyst now sees the company entering a phase where operational momentum and product innovation converge. Cote pointed to Apple’s relatively light capital spending, about 2.5% of projected 2026 sales, compared to hyperscalers pouring 39% of sales into infrastructure.
The analyst argued Apple’s edge lies in monetizing its massive 2.5 billion-device installed base through an upgraded Apple Intelligence rollout. Furthermore, the analyst noted that the company’s upcoming standout releases, including iPhone 18 Pro, iPhone Pro Max, and an iPhone Air slated for April 2027, could boost AAPL stock price.
Most importantly, the analyst noted that AAPL stock could be bolstered by the upcoming book-style foldable iPhone.
“AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place,” Cote noted.
Is AAPL a good stock to buy in 2026?
As HSBC’s Cote signaled further upside, Edison Lee, a Wall Street analyst from Jefferies, reiterated a Hold rating. Lee set the firm’s 12-month price target for Apple stock at $299.88, thus suggesting a possible 10.02% downside.
At press time, 30 Wall Street analysts surveyed by TipRanks had set an average 12-month price target of about $328.69, representing a potential 1.37% downside. Nonetheless, these analysts have issued a Moderate Buy rating for AAPL stock.
The Moderate Buy rating from Wall Street analysts comes amid supportive Apple Intelligence news. For instance, China’s Cyberspace Administration cleared Apple Intelligence for launch.
HSBC pointed to the expected deployment of Apple’s agentic Siri AI, which includes visual intelligence and context-aware conversations, as a key boost for the company’s stock over the next 12 months. The bank raised its 2027-2028 revenue forecast for Apple by 7-9%, due to increased iPhone sales estimates of 11-13% and a 2027 service revenue target 5.4% higher.
Year-to-date (YTD) AAPL stock has surged over 22%, trading at about $333.26 at press time.
As such, if Apple sales surge in the coming quarters, Cote’s target for Apple could be achieved and vice versa.
