KeyBanc Maintains Underweight on Apple, $250 Price Target

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

“2026 Consumer iPhone Survey: Solid Start to Cycle, Can It Last?

Methodology We conducted a survey of 2,046 current iPhone users between 9/19 and 10/6 (post iPhone 18 launch) to identify: 1) the present makeup of iPhone models currently within Apple’s user base; 2) customers’ main preferences and key motivators that drive upgrades; 3) when customers will upgrade next; and 4) consumers’ view on AI and how it will influence their willingness to make a new purchase.

Our Call: We remain UW AAPL.

While the initial cycle could appear strong, below the surface, the broader base of consumers are less likely to upgrade as prices rise, carriers restrict promotions, and their existing hardware is adequate.

We think this ultimately leads to a moderation in unit volumes, where a moderation of unit volumes results in fewer new users to Apple, also reducing services revenue.

With this mix shift potential, we think Apple is expensive, currently trading at ~40x our 2027 P/E vs. the three-year average of ~27x.”

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