Apple has more room to run, even after hitting an all-time high this week, due to its artificial intelligence push and new product launches, according to HSBC. The investment bank upgraded the AI name to buy from hold. I also hiked its price target on shares to $366 from $260, suggesting 10% upside from Thursday’s close. “We believe that the launch of AI features and a strong product pipeline have the potential to drive a major upgrade cycle,” analyst Nicolas Cote-Colisson said Friday in a note to clients. Shares of Apple have jumped 23% year to date as the company has moved to capitalize on the AI boom. On Thursday, the stock hit an all-time high of $334.68. AAPL YTD mountain Shares rose 23% in 2026. The technology name can continue to gain ground through AI by leveraging the upcoming overhaul of its Apple Intelligence, or its personal AI for iPad, Mac and iPhone users, according to HSBC. “Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate (it only invests 2.5% of its [estimated 2026] sales vs 39% for hyperscalers)…it is also well placed to leverage its 2.5 [billion] installed device base with its forthcoming revamped Apple Intelligence,” Cote-Colisson wrote. He added that the new agentic Siri AI will also roll out this year, potentially boosting customer demand for Apple devices, which would also be a boon for shares. “This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place,” he wrote. Cote-Colisson noted that Apple is expected to announce the rollouts of its much-awaited foldable iPhone Ultra, in addition to its iPhone 18 Pro and iPhone 18 Pro Max later this year. HSBC’s call falls in line with consensus on Wall Street. Of the 48 analysts covering Apple, 31 have a buy or strong buy on the stock, LSEG data shows.
Apple just hit a record high. HSBC says it still has room to run
