Bernstein Apple · AAPL

Bernstein Keeps Outperform on Apple, $370 Price Target

Analyst: Mark C. Newman 1 min read Reproduced verbatim
Rating
Outperform
Unchanged
Target
$370
Unchanged
Upside
+8%
AAPL at $344 today
Bernstein and Apple logos

What the analyst said

Bernstein SocGen Group analyst Mark C.

Newman reiterated an Outperform rating and $370 price target on Apple (NASDAQ: AAPL).

“Global iPhone shipment growth slowed to 2% YoY in CQ3 2026, vs.

5% last quarter and 12% in CQ3 2025, driven by September unit decline of 9% YoY (sell-thru), which marked an end to Apple’s18-month streak of YoY unit growth.

This was mostly due to Apple’s delayed launch of the iPhone 18 base model to spring 2027.

Amid the challenging industry backdrop, Apple expanded its global smartphone market share to 21% in CQ3 2026 (24% in September) from 20% the prior quarter, and on a trailing-12-month basis, iPhone has been consistently gaining market share in the past year.

Apple’s global sales momentum faded in September, after robust July and August sales.

On a monthly basis, September sell-through revenue declined 9.5% YoY, driven by sell-through units declining 9.4% YoY while ASP screens flat to slightly down.

For the full quarter, sell-through revenue grew 2.3% and sell-through units grew 2.0%, while sell-in units were down 1.7% YoY.

For the full quarter CQ3’26, we find that iPhone sales are trending below consensus, largely due to lower units sold. Services revenue is trending in-line at approx 1% higher than consensus.”

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Where the price stands

AAPL trades at $344. The 21 analysts who set a target in the last 3 months range from $245 to $400, with a median of $355. This $370 target is 4% above the median.

12-month window: day 0 of 365, closes on October 29, 2027.

Track record

This callOpen: AAPL has not reached $370 yet. This 12-month target is scored on October 13, 2027. Same target as this firm’s October 13, 2026 note, so it is scored there.

Firm track recordBernstein: 80% of its 20 targets at least a year old were reached within 12 months (#16 of 21 firms). Accuracy ranking →

Bernstein on Apple

Bernstein price targets on Apple

5 calls from February 2, 2026 to October 29, 2026. The target went from $325 to $370 (+14%). The rating stayed Buy.

Bernstein targetAAPL share price
  1. October 29, 2026 This noteKept the $370 targetBuy$370
  2. October 13, 2026Target raised from $350 (+6%)Buy$370
  3. May 4, 2026Target raised from $340 (+3%)Buy$350
  4. February 10, 2026Target raised from $325 (+5%)Buy$340
  5. February 2, 2026Earliest call shownBuy$325
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Other analysts on Apple

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 KeyBancSell Kept rating and price target Oct 19 $250maintained 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.