Apple Stock Gets $365 Target as M6 AI Push Faces App Store Slowdown

• Apple stock closed at $309.90, leaving Evercore ISI’s $365 price target roughly 18% higher, with the firm maintaining its Outperform rating
• Apple’s new M6 and M5 Ultra chips give the stock a fresh AI catalyst, with the company positioning its latest Macs around faster local AI computing and performance
• The bullish case faces an obstacle as US App Store spending fell 6% in Q2, putting more focus on whether Apple’s AI-driven hardware push can generate enough growth

Apple stock closed at $309.90 on Tuesday, leaving Evercore ISI’s $365 price target about 18% above the current level. The firm has kept its Outperform rating as Apple rolls out its latest Mac lineup, giving investors another reason to watch the company’s AI push. The new M6 and M5 Ultra chips are part of that story, but the bigger question for AAPL is if stronger AI-focused hardware demand can give the stock enough momentum to reach Wall Street’s target.

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Apple Stock Has Nearly 18% Upside to $365

Apple closed at $309.90 on August 25, according to the latest market data. This put Evercore’s $365 target roughly 17.8% above the current level.

Evercore ISI reiterated its Outperform rating and $365 price target on Tuesday after Apple unveiled its refreshed Mac lineup. Analyst Amit Daryanani pointed to the new Mac mini, Apple’s in-house silicon and the company’s ability to support AI workloads locally as reasons to remain bullish.

The target itself is not new. Evercore first raised it from $330 to $365 in May and has maintained the same view through the summer. This makes the latest product launch more important as a test of the existing Apple stock forecast rather than a completely new Wall Street call.

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M6 Gives Apple Stock a Fresh AI Catalyst

Amidst this the company introduced the M6, its first 2-nanometer chip, in the new Mac mini. Meanwhile, the Mac Studio gets the M5 Ultra. Apple says the M6 delivers up to four times faster AI performance than the previous Mac mini generation, while the M5 Ultra is aimed at heavier professional and AI workloads. The new Mac mini starts at $899, while Mac Studio models begin at $2,499.

Apple seems to be building AI capabilities into its own chips, allowing developers and users to run demanding workloads directly on the device. This could give Apple another way to support premium pricing and drive Mac upgrades, which is central to the bullish case behind the Apple stock target.

App Store Weakness Keeps the Bull Case From Being Simple

There is still a reason for investors to be cautious. US consumer spending through the App Store fell 6% in the second quarter. It was the first year-over-year decline in the measure in roughly a decade.

This matters because Apple’s Services business has become a major contributor to its financial performance. A slowdown there puts more pressure on hardware and newer growth opportunities to carry the story.

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