Top Evercore analyst Amit Daryanani boosted his price target for Apple (AAPL) stock to $325 from $300 and reiterated a Buy rating on the iPhone maker. He expects the Siri 2.0 launch next year to “reshape AAPL’s narrative in AI and its valuation over time.” Apple stock has risen more than 11% year-to-date.
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Evercore Analyst Is Bullish on Apple’s Siri 2.0 Launch
Daryanani noted that Apple stock has risen more than 16% over the past three months, outpacing the 6% rise in the S&P 500 Index (SPX) over the same period. The 5-star analyst thinks that beyond a strong iPhone 17 cycle, investors will pay attention to the Siri 2.0 launch in spring 2026. Daryanani views this launch as “critical,” given its impact on the tech giant’s AI growth story and valuation.
The top-rated analyst expects Apple to launch Siri 2.0 in March 2026, earlier than the broader expectation of a launch at the WWDC event. Furthermore, Daryanani expects part of Siri 2.0’s major upgrades to be powered by Alphabet-owned Google’s (GOOGL) Gemini, enabling multimodal interaction, enhanced NPU (neural processing unit) task capabilities, and high security and privacy that Apple is famous for. Notably, he believes that data will reside and compute will be on-device or on the company’s servers, thus ensuring privacy. Daryanani also thinks that there will be an option to use larger AI models, such as OpenAI’s (PC:OPAIQ) ChatGPT and Gemini, which could emerge as a long-term monetization opportunity.
Furthermore, Daryanani sees a massive revenue opportunity, backed by shorter replacement cycles, monetization of “AI-as-a-Service,” enhanced LLM partnerships, and new economic models that are expected to boost the services business.
Overall, Daryanani expects Apple Intelligence, powered by Gemini (to a certain extent), to be a major driver for profits and valuation. He expects the company to continue with its capital-light AI strategy while gaining from new potential revenue streams and operating an “AI toll booth.”
Is AAPL a Good Stock to Buy?
Wall Street has a Moderate Buy consensus rating on Apple stock based on 21 Buys, 11 Holds, and two Sell recommendations. The average AAPL stock price target of $295.14 indicates 6.3% upside potential.
