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
−26%
AAPL at $338 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).

“Plenty of Room for Downside; We remain UW AAPL and reiterate our $250 PT on mixed estimate changes. F3Q results were mixed with iPhone/Mac coming in better than expected though offset by iPad.

Significant supply constraints and FX headwinds are expected to impact revenue going forward with memory negatively impacting margins resulting in a below consensus guide.

We continue to believe as AAPL raises prices, units are likely to decline, and it should likely show up in further slowing growth in Services.

From our standpoint, AAPL valuation at ~37x our FY27 P/ E, doesn’t reflect a shifting growth profile, among other risks.”

Disclaimer
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.

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 $338. The 16 analysts who set a target in the last 3 months range from $250 to $400, with a median of $358. This $250 target is 30% below the median, the lowest on the Street.

Since the note AAPL has moved +1% (from $333). 12-month window: day 94 of 365, closes on July 31, 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: 79% of its 24 targets at least a year old were reached within 12 months (#12 of 26 firms). Accuracy ranking →

Earnings reactionOne of 15 notes after Apple’s Jul 30 results: 3 raised · 4 cut · 3 kept. See every call →

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, 2026 This noteKept the $250 targetSell$250
  4. July 28, 2026Kept 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.