Apple Stock Upgraded to 'Buy' with $400 Price Target

Apple's stock has seen an upgrade to 'Buy' from 'Neutral' by Rothschild & Co. Redburn analyst Timm Schulze-Melander, who also raised the price target to $400 from $260.

This implies a potential upside of about 31% from Friday's closing price, with Apple shares already up nearly 0.4% in Monday's pre-market trade.

The analyst expects Apple to launch the iPhone Ultra in September, giving it a new product category and potentially lifting the average selling price of its broader iPhone lineup.

Schulze-Melander estimates the device could cost $2,199, an 83% premium to the iPhone 17 Pro Max, which would have a meaningful impact on Apple's revenue mix even with relatively modest volumes.