What's Up With The Pullback In Apple Stock Today?
Apple Inc (NASDAQ:AAPL) shares are trading marginally lower on Monday. Despite the dip, a notable analyst has raised the price target on the stock.
- Apple stock is trading at elevated levels. What’s the outlook for AAPL shares?
What To Know: Wedbush's Dan Ives bumped his price target on Apple from $320 to $350 and kept an Outperform rating, leaning on growing confidence in Apple's AI strategy and steady iPhone sales strength.
Ives is calling 2026 the year Apple truly steps into the AI revolution. In a post on X, he stated “iPhone 17 sales have been trending well into year-end including in China as Apple continues to execute above Street.”
The upgraded price target comes as Apple demonstrates strengthening performance in China’s premium smartphone market.
In October, roughly one out of every four smartphones sold in China was an iPhone, and shipments climbed 37% year-over-year on robust iPhone 17 demand.
Across the lineup, all three iPhone 17 models saw strong double‑digit growth, led by the base model. New devices made up more than 80% of Apple's unit sales in China, and higher average selling prices are poised to lift revenue, setting the stage for a potential record December quarter.
Ives highlighted Apple's full‑scale AI push in 2026 as a major catalyst, however, the company may be facing global headwinds with its rollout of AI. China’s internet regulator has delayed approvals for Apple's planned AI features, opening the door for domestic brands to move faster. According to Omdia analyst Lucas Zhong, Chinese vendors are pushing ahead more openly on AI, creating a window to capture share even as Apple's near‑term performance stays strong.
Evercore ISI Group analyst Amit Daryanani maintained Apple with an Outperform rating and raised the price target from $300 to $325 on Monday. Other analyst changes this month include an Outperform and price target increase to $330 from CLSA and a Buy rating and price target increase to $325 from Loop Capital
AAPL Price Action: Despite the optimism from analysts, Apple shares were down 0.71% at $276.80 at the time of publication on Monday, according to Benzinga Pro. The stock recently made new highs of $288.62, and appears to be taking a breather.
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