Aletheia Capital Raises Apple Price Target to $215, Reiterates Sell

Aletheia Capital analyst Warren Lau reiterated a Sell rating and raised the price target on Apple (NASDAQ: AAPL) to $215.00 (from $205.00).

“We preview Apple’s results due on 30 April. A key debate centers on hardware profitability amid surging memory prices since 3QCY25.

Unlike peers such as Samsung, Chinese OEMs, and Microsoft, Apple has maintained stable margins while keeping ASPs across most product lines.

We estimate memory accounted for 13–16% of iPhone 17 BOM at launch in Sep-25, but prices are set to triple in 2QCY26, lifting memory’s share to 33–42% of iPhone costs, with further increases likely in 2HCY26.

Apple reported hardware GM of 36.8% in FY25 and 40.8% in 1Q26.

Meanwhile, iPhone17 demand and production remain robust, supporting double-digit growth in FY26E. Apple is gaining share in China by holding ASPs steady while rivals raised prices in 1QCY26.

At the same time, demand for the low-priced MacBook Neo appears solid, with the potential to generate $5–6bn extra sales in FY26E.

We raise our TP to $215 (from $205) to reflect EPS revisions but maintain a Sell rating on valuation and margin risks.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.