HSBC raised its Apple price target to $366, the highest on Wall Street, after Apple hit an all-time high of $334.68 on July 16. Analyst Nicolas Cote-Colisson upgraded the stock from Hold to Buy, citing Apple’s low capital expenditure relative to hyperscalers and a strong product pipeline including the iPhone 18, a foldable device, and an agentic Siri. The new target implies nearly 10% upside. The upgrade comes less than two weeks before Apple’s July 30 earnings report. Apple had already risen 23% in 2026. HSBC previously favored hyperscalers and memory chip makers over Apple.
HSBC’s Apple price target jumped to $366 after Apple touched an all-time high of $334.68 a share on July 16. Analyst Nicolas Cote-Colisson moved his rating from Hold to Buy, and this new target points to close to 10% upside from that close.
The upgrade landed less than two weeks before Apple’s earnings report on July 30. Apple had already climbed 23% on the year before this upgrade, and most banks covering the stock already had a Buy rating.
HSBC had been sitting on the sidelines for most of 2026, preferring hyperscalers and memory chip makers. The bank believed those names would ride the AI infrastructure boom faster than Apple ever could. Then, with one note, HSBC’s price target flipped that thinking.
Cote-Colisson said: “Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate… it is also well placed to leverage its 2.5 billion installed device base with its forthcoming revamped Apple Intelligence.”
The case behind the price target centers on spending. Apple puts an estimated 2.5% of its 2026 sales into capital expenditure, while hyperscalers run closer to 39%. HSBC sees that gap as room for Apple to gain AI exposure without building out data centers.
Cote-Colisson also noted: “This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place.”
The product lineup includes the iPhone 18 Pro and Pro Max this fall, an iPhone Air expected around April 2027, and a book-style foldable iPhone. HSBC also expects smart glasses and an anniversary iPhone in 2027, along with an agentic version of Siri running mostly on-device this year. Owners still on an iPhone 15 or 16 finally have a real reason to upgrade.
HSBC lifted its 2027-28 group revenue forecasts by 7% to 9% and iPhone sales estimates by 11% to 13%. The bank’s 2027 EPS estimate now sits at $10.26, about 7.5% above current Street consensus. Tim Cook addressed margin pressure, saying: “We expect significantly higher memory costs.” He added: “Beyond the June quarter, we believe memory costs will drive an increasing impact on our business.”
The Apple all-time high pushed the stock’s trailing P/E toward 40. KeyBanc still sees that as too rich, holding an Underweight rating with a $250 target. The HSBC price target sits well above that view, and the quiet premarket reaction suggests many investors are waiting on the July 30 earnings report before picking a side.
