TD Cowen Raises Apple Price Target to $400

TD Cowen analyst Krish Sankar raised the price target on Apple (NASDAQ: AAPL) to $400 (from $350) while maintaining a Buy rating.

“Product Price Increases and New 2nm Chips Could Mitigate Non-Memory Challenges; Wafer supply constraints and cost inflation (ex-memory) are NT headwinds, but product price increases (iPad, Mac, and future iPhones) and 2nm chips can partly mitigate it in coming quarters. iPhone 17 cycle strength could carry into the 18 with new AI Siri, enabled by Apple Upgrade program affordability.

Possible iCloud+ plan that includes AI cloud compute could add a new Services growth vector.”

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