Apple stock opened at $312.06 on Monday, giving the company a market cap of $4.58 trillion. The stock sits near its 52-week high of $315.00, up 15% year-to-date and 55% over the past year.
All eyes are now on the Worldwide Developers Conference (WWDC), which kicks off June 8. The week-long event is expected to center on a long-awaited overhaul of Siri.
Citi analyst Atif Malik expects the new Siri to function like OpenAI’s ChatGPT, working across Apple’s operating systems rather than just responding to simple voice commands.
“Siri will handle multi-step requests, understand personal data, analyze on-screen content, generate emails or messages using both web and device context,” Malik wrote in a research note.
Citi reaffirmed its Buy rating and $315 price target on the stock. The bank sees the Siri revamp as the key to unlocking Apple’s edge AI opportunity — AI processing done locally on devices rather than in the cloud.
Edge AI hasn’t taken off yet, but Citi sees strong long-term potential as consumers and businesses look for faster, more private alternatives to cloud-based AI.
Apple’s hardware reach — across iPhone, iPad, and Mac — puts it in a strong position to benefit. Strong demand for the Mac Mini, which can run AI agents locally, is already showing how edge AI drives hardware sales.
Apple will also bring deeper AI features to writing, search, and photo editing across its Mac, iPad, and iPhone operating systems, according to Citi.
Don’t expect everything to drop at once, though. Evercore ISI analyst Amit Daryanani predicted Apple will preview AI updates at WWDC, with the full Siri release coming in the fall.
Evercore reaffirmed its Outperform rating and raised its price target to $365, up from $330.
Apple’s most recent quarter gave investors plenty to feel good about. The company reported EPS of $2.01 for the quarter ending April 30, beating the $1.95 consensus estimate.
Revenue came in at $111.18 billion, topping expectations of $109.46 billion and up 16.6% year-over-year. Net margin stood at 27.15%.
Apple also raised its quarterly dividend from $0.26 to $0.27, paid out on May 14.
Analysts currently rate AAPL a Moderate Buy with an average price target of $310.31. Of 35 analysts tracked, 22 have Buy ratings, 11 Hold, one Strong Buy, and one Sell.
UBS holds a Neutral rating with a $296 target. Barclays remains at Underweight with a $253 target. Wells Fargo is Overweight at $310.
Institutional investors own 67.73% of Apple stock. Insiders sold a combined 97,759 shares worth roughly $24.96 million over the past 90 days.
Apple’s 50-day moving average sits at $275.43 and the 200-day at $270.06.
The post Apple (AAPL) Stock: Analysts Raise Targets Ahead of Siri Revamp at WWDC Next Week appeared first on CoinCentral.
