Wedbush Securities has reiterated its 'outperform' rating and $350 price target on Apple Inc (NASDAQ:AAPL, XETRA:APC), the iPhone maker, after the technology giant unveiled a sweeping range of new hardware products designed to accelerate its push into artificial intelligence.
Apple's shares were trading at $263.75 when the note was published on Tuesday, leaving implied upside of around 33% to the Wedbush target.
The product launch spanned iPhones, Mac laptops, iPads and Studio Displays, with Wedbush analyst Dan Ives arguing the breadth of the refresh materially reduces the risk around Apple's near-term revenue growth trajectory.
At the centre of the launch were new M5 Pro and M5 Max chips for the MacBook Pro, built on what Apple calls its Fusion Architecture, a design that combines two processor dies into a single system on chip (SoC).
Wedbush said the chips deliver more than four times the peak graphics processing power for AI tasks compared with the prior M4 generation.
Apple also expanded its Mac lineup with the MacBook Air, refreshed with M5 chips and up to 18-hour battery life, and introduced a new model called the MacBook Neo, a 13-inch laptop priced at $599 aimed at more budget-conscious consumers.
Wedbush noted that with nearly half of Mac buyers still new to the Apple platform, the broadened lineup should provide upside to Mac revenue estimates.
The updated iPhone 17e, priced at around $599, retains the same price point as its predecessor but includes a new A19 chip and doubles storage capacity, with Apple's proprietary C1X cellular modem delivering improved connectivity performance.
Apple also refreshed its iPad Air with an M4 chip and launched two tiers of Studio Display, its external monitor product, with the premium Display XDR priced at $3,299.
Wedbush said Apple's decision to raise average selling prices across much of the Mac range was the right strategic call given investor concerns about the cost impact of memory components on gross margins.
The MacBook Air now starts at $1,099 for the 13-inch model, up from $999, while the MacBook Pro 16-inch was repriced at $3,899, a $400 increase on the prior version.
Wedbush forecasts full-year earnings per share of $8.50 for the financial year ending September 2026, rising to $9.27 the following year, with revenues expected to reach $461 billion and $481 billion, respectively.