Having rallied more than 20% since the late March lows and turned more than 8% green year-to-date (YTD), Apple (NASDAQ: AAPL) stock is, by May 15, benefiting from renewed institutional confidence.
Specifically, the blue-chip technology giant received two notable 12-month price target upgrades from Wall Street analysts.
Citing the latest business developments and recent iPhone sales figures, Amit Daryanani from Evercore ISI estimated that Apple’s free cash flow and earnings could get compounded into the low-to-mid teens in the coming months, therefore justifying the reiteration of the previous ‘Buy’ rating.
Simultaneously, AAPL stock’s recent performance appears to have also justified a price target upgrade, with the expert now forecasting a 23.42% rally to $365 from the press time levels at $295.74, rather than the previous 11.58% rise to $330.
Tigress Financial’s Ivan Feinseth followed a similar trajectory on May 14, confirming the ‘Buy’ rating while upgrading the 12-month price target from $305 to $375.
Elsewhere, Brandon Nispel from KeyBanc showed that bullishness regarding Apple shares is not universal as he rated the equity as ‘Hold’ without assigning a price forecast.
Analysts predict Apple stock price target for next 12 months
Zooming out, the May 14 AAPL stock revisions fall broadly in line with the attitudes expressed by Wall Street as a whole in the last three months.
Thanks to a significant share of ‘Neutral’ ratings, Apple boasts a ‘Moderate Buy’ recommendation and a $318.75 12-month price target for a 6.89% expected rally, per the data Finbold retrieved from the stock analysis platform TipRanks on May 15.
Is OpenAI about to crash Apple stock price?
The most recent developments regarding the partnership between the blue-chip technology giant and OpenAI have also contributed to the relative uncertainty regarding AAPL shares.
Specifically, the makers of ChatGPT appear dissatisfied with Apple’s integration of the artificial intelligence (AI) model within iOS, and the company’s lawyers are reportedly preparing a lawsuit against the creators of the iPhone.
Considering AAPL stock suffered a lackluster performance during the early stages of the AI boom due to its reluctance to get involved with the trend, the scuffle with OpenAI could generate significant downward pressure on the company.
On the flip side, it is also possible that the potential disentanglement from the makers of ChatGPT serves as a tailwind, given the mounting concerns regarding the sustainability of Sam Altman’s company itself, but also the entire business structure surrounding the technology as it is set up in early 2026.
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