KeyBanc Apple · AAPL

KeyBanc Reiterates Underweight on Apple, $250 Price Target

Analyst: Brandon Nispel 1 min read Reproduced verbatim
Rating
Underweight
Unchanged
Target
$250
Unchanged
Downside
−27%
AAPL at $345 today
KeyBanc and Apple logos

What the analyst said

KeyBanc analyst Brandon Nispel reiterated an Underweight rating and $250 price target on Apple (NASDAQ: AAPL).

“It’s Not NT Numbers You Should Fear, It’s Slowing Unit/User Growth; We reiterate our UW AAPL.

We think the SOXX sell-off has driven a flight to safety benefitting AAPL at an inopportune time: there is a clear pullback in MNO device upgrade rates and changing GTM strategies that we think are going to have a negative impact on AAPL into iPhone 18 and beyond cycle.

We see the F3Q/F4Q numbers setup as fine as AAPL can shape the inventory position; however, as iPhone pricing rises, unit demand should fall, slowing user growth and likely slowing Services, leaving AAPL as more pricing reliant for growth.

At ~37x our FY27 P/E, AAPL appears priced for perfection.”

Disclaimer
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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.

Where the price stands

AAPL trades at $345. The 17 analysts who set a target in the last 3 months range from $250 to $400, with a median of $355. This $250 target is 30% below the median, the lowest on the Street.

Since the note AAPL has moved +2% (from $337). 12-month window: day 96 of 365, closes on July 28, 2027.

Track record

This callOpen: AAPL has not reached $250 yet. This 12-month target is scored on July 14, 2027. Same target as this firm’s July 14, 2026 note, so it is scored there.

Firm track recordKeyBanc: 88% of its 16 targets at least a year old were reached within 12 months (#8 of 21 firms). Accuracy ranking →

KeyBanc on Apple

KeyBanc price targets on Apple

6 calls from June 9, 2026 to October 19, 2026. The target stayed at $250. The rating moved from Hold to Sell.

KeyBanc targetAAPL share price
  1. October 19, 2026Kept the $250 targetSell$250
  2. October 15, 2026Kept the $250 targetSell$250
  3. July 31, 2026Kept the $250 targetSell$250
  4. July 28, 2026 This noteKept the $250 targetSell$250
  5. July 14, 2026Downgraded to Sell, set a $250 targetSell$250
  6. June 9, 2026Earliest call shownHoldNo target
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Other analysts on Apple

BernsteinBuy Kept rating and price target Oct 29 $370maintained EvercoreBuy Kept rating and price target Oct 27 $380maintained UBSHold Kept rating and price target Oct 20 $296maintained Loop CapitalHold Downgraded, cut price target −11% Oct 20 $330from $370 JP MorganBuy Kept rating and price target Oct 19 $360maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.