On November 11, China Renaissance upgraded Apple Inc. to Buy from Hold and set a new $425 price target, described as a Street high. Analyst Jack Zhou reversed his August 2026 downgrade, which cited concerns about slower Services growth and margin pressure.
The upgrade followed Apple’s report of record fourth-quarter revenue of $114.5 billion. Revenue rose 12% year over year. Services also reached an all-time high.
China Renaissance’s bullish call is above the broader consensus mean price target of $341.74. Evercore ISI recently raised its target to $380, citing the potential of Siri AI. The upgrade reflects growing confidence in Apple’s growth prospects, supported by its financial performance and potential in artificial intelligence.