Melius sees further upside in Apple ahead of earnings
AAPL•Melius Research maintained its buy rating on Apple and a $370 price target, representing 7.7% upside from the stock’s $343.46 last close. The brokerage cited potential in services, Macs, servers and future products.
1. Melius remains bullish
Melius Research said it remains optimistic about Apple CEO John Ternus’ long-term strategy across HomeView, wearables and services. It maintained its buy rating and $370 price target, which it said represents 7.7% upside to the stock’s last close of $343.46.
2. Products and services
The brokerage said services could benefit over time from premium Siri offerings, and Apple has potential to expand into the server market. Melius expects new Macs, including a touchscreen notebook, and sees long-term upside from Duo and a redesigned 2027 anniversary iPhone.
3. Chips and M&A
Melius said Apple’s proprietary chips and unified memory architecture are beginning to show their value, supporting stronger demand for Macs and increasingly iPhones while reinforcing the company’s pricing power. It also expects Apple to become more active in tuck-in M&A with Steve Smith installed as its new M&A chief.
