Apple Stock Could Have Another Major Growth Chapter Ahead

The 24/7 Wall St. price target for Apple (NASDAQ:AAPL | AAPL Price Prediction) is $398.16. With the stock at $343.46, that implies 15.93% upside over a 12-month horizon, and our model rates the shares a buy.

We make this call with strong conviction. Apple has beaten EPS estimates for nine consecutive quarters. The iPhone 17 cycle and Siri AI give it a second growth engine, and buybacks keep reducing the share count. The stock trades near record highs, and our model still sees room for the multiple to hold as earnings climb.

Record June Quarter Pushes Apple Near Its 52-Week High

Apple shares rose 2.03% over the past week and 3.32% over the past month. They are up 26.68% year to date. The stock sits about 1.3% below its 52-week high of $348.15 and roughly 41.5% above its low of $242.76. The Wall Street Journal reported that Apple reached new highs despite a broader tech slump.

Fiscal third-quarter revenue rose 16.4% to $109.42 billion, beating the $108.96 billion consensus. EPS of $2.02 exceeded the $1.89 estimate. iPhone revenue came in at $54.25 billion, and Services reached $30.74 billion.

Why Bulls See $452 in Reach

Our bull case reaches $452.02. On the July call, management said iPhone and Mac demand ran so far ahead of forecasts that it created supply constraints. Tim Cook called it “an incredibly strong iPhone and Mac product cycle that has really yielded demand beyond our expectation.”

Paid subscriptions passed 1.5 billion, and Siri AI could lead to more iCloud+ upgrades. Apple also bought back $62.094 billion of stock in the first nine months of fiscal 2026.

Memory Costs and a Rich Multiple Are the Risks Worth Watching

Our bear case is $337.72. Analysts’ consensus target of $329.38 sits below the current price, and they hold 3 Sell and 3 Strong Sell ratings. Management called memory pricing a “100-year flood” and guided gross margin to 47% to 48%.

Tariff refunds also added roughly $0.11 to EPS last quarter, and that benefit will not repeat. The supply constraints stem from excess demand, which bulls would argue points to future revenue that has been delayed rather than lost.

How Apple Compares to Microsoft and Dell

Microsoft (NASDAQ:MSFT) is the closest mega-cap platform comparison. It grows at about Apple’s pace and posts a 40.3% profit margin, yet it trades at a lower forward multiple.

Dell Technologies (NYSE:DELL) competes with Apple in PCs, including the education market where MacBook Neo is taking share from Windows machines. Dell’s PEG ratio of 0.646 compares with Apple’s 2.706.

Against these two peers, the 24/7 Wall St. price target sits on the full side. Apple’s buybacks and its record of beating estimates help explain the premium.

Apple’s Next Growth Chapter Earns a BUY From Our Model

The 24/7 Wall St. price target is $398.16, with a buy rating and 90% confidence. The biggest factor is earnings growth.

Net income rose 27.1% last quarter. The case grows stronger if supply catches up with demand and Siri AI launches widely. The thesis loses ground if memory costs push gross margin below guidance. On balance, Apple’s growth looks strong enough to support a premium multiple.

These projections assume Apple keeps running its strategy as it does today. Siri AI adoption could push results above these targets, while extended memory inflation or regulatory limits in the EU and China could weigh on them.

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