Apple (AAPL) stock hit an all-time high of $335.75 on Monday, pushing its market cap to $4.89 trillion. The stock was up 0.29% in premarket trading, sitting just below that fresh record.
The 1-year price return now stands at 56.32%, a strong run by any measure.
Earnings are due Thursday, July 30. Wall Street expects EPS of $1.89, up from $1.57 a year ago. Revenue estimates sit at $108.86 billion, compared to $94.04 billion in the year-prior quarter.
Options markets are pricing in roughly a 3.5% move around the report.
The stock trades at 40.3 times earnings — a premium multiple that reflects high investor expectations going into the print.
Baird raised its price target to $330, citing strong iPhone growth and steady services trends. Evercore ISI maintained an Outperform rating with a $365 target. Morgan Stanley lifted its target to $364 on July 23, keeping an Overweight rating. HSBC upgraded to Buy on July 17 with a $366 target.
Not everyone is optimistic. KeyBanc downgraded Apple to Underweight on July 14, setting a $250 price target — well below where the stock trades now.
The analyst consensus sits at Buy, with an average price target of $325.36.
Apple’s AI approach has drawn attention ahead of earnings. Unlike Alphabet, Meta, Amazon, and Microsoft — all of which are spending heavily on AI infrastructure and large foundation models — Apple is not.
Instead, Apple is leaning on its installed device base to deliver AI features directly to consumers. Evercore ISI analyst Amit Daryanani told CNBC that Apple sees foundation models as less critical to long-term differentiation.
Needham analyst Laura Martin told CNBC that Apple is positioning itself as the gateway between consumers and AI services, rather than building the models itself. She said the strategy is high-stakes — it could pay off big, or become an existential risk if it fails. Martin believes Apple is making the wrong call.
The key question for investors is whether Apple Intelligence can drive a new iPhone upgrade cycle. Faster replacement rates and improving demand in China are the metrics analysts are watching closely.
Technically, the stock is trading 6.2% above its 20-day SMA of $314.39 and 20.9% above its 200-day SMA of $275.98. A golden cross formed in September 2025 and remains intact.
The MACD is above its signal line with a positive histogram, pointing to ongoing buying momentum.
Key resistance is at $335. Support sits around $287.50.
Separately, Evercore ISI noted Apple will launch its new “Apple Upgrade” device leasing program in the U.S. starting July 28. Apple is also planning a Mac lineup refresh with the new M6 chip later this fall.
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