Apple Stock Target Jumps to $400 on iPhone Sales Growth and Services Boost

Rothschild Redburn analyst James Cordwell upgraded Apple Inc.'s (AAPL) stock to Buy from Neutral on August 17, 2026, with a new price target of $400.

This represents a 54% increase from the previous $260 target and implies about 31% upside from the stock's closing price of $305.93 on that day.

Cordwell based his upgrade on two key catalysts: Apple's expected iPhone sales growth at a 12% compound annual rate over five years, which would be 3-14% above Wall Street consensus for fiscal 2026 through 2030; and the company's installed base of 2.55 billion devices, with customer loyalty that is difficult to replicate.

The analyst also cited Apple's high-margin Services business, which includes the App Store, iCloud, Apple Music, Apple TV+, and Google licensing deals, as a key driver of the company's earnings power.