KeyBanc Reaffirms Underweight on Apple, $250 Price Target
- Rating
- Sell
- Unchanged
- Target
- $250
- Unchanged
- Downside
- −27%
- AAPL at $342 today
What the analyst said
KeyBanc analyst Brandon Nispel reiterated an Underweight rating and $250 price target on Apple (NASDAQ: AAPL).
“September Hardware KFLD +44% M/M; We remain Underweight AAPL ($250 PT). Our KFLD shows Indexed Spending +44% m/m in September, which is well above the three-year avg of +15% m/ m.
We think this points to strong initial iPhone 18 interest and pricing benefits, not impacting demand for early adopters.
We think the broader population is unlikely to act similarly: Carrier promos are weaker y/y, upgrade rates should be lower, and we think demand quickly fades with iPhone production cuts to follow.
We’re updating estimates to reflect these dynamics and different iPhone/Mac shipments where we are well below consensus ’27 estimates.”
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Where the price stands
AAPL trades at $342. The 21 analysts who set a target in the last 3 months range from $245 to $400, with a median of $350. This $250 target is 29% below the median.
12-month window: day 0 of 365, closes on October 15, 2027.
Track record
This callOpen: a 12-month target, scored on October 15, 2027, a year after the note.
Firm track recordKeyBanc: 80% of its 10 targets at least a year old were reached within 12 months (#17 of 25 firms). Accuracy ranking →
KeyBanc on Apple
KeyBanc price targets on Apple
5 calls from June 9, 2026 to October 15, 2026. The target stayed at $250. The rating moved from Hold to Sell.
- October 15, 2026 This noteKept the $250 targetSell$250
- July 31, 2026Kept the $250 targetSell$250
- July 28, 2026Kept the $250 targetSell$250
- July 14, 2026Downgraded to Sell, set a $250 targetSell$250
- June 9, 2026Earliest call shownHoldNo target
