The bank sees an 'operational turning point' driven by Apple Intelligence and a hardware refresh cycle that could push iPhone sales up 21% this year.
HSBC upgraded Apple from Hold to Buy on Friday, hiking its price target from $260 to $366. That implies roughly 10% upside from current levels.
What’s driving the upgrade #
HSBC’s thesis boils down to two words: Apple Intelligence. The bank’s analysts described the current moment as an “operational turning point” for the company, anchored by the next-generation AI features and revamped Siri that Apple unveiled at its Worldwide Developers Conference on June 8.
The numbers tell the story. HSBC projects iPhone sales to grow approximately 21% in 2026, followed by 11.6% in 2027. HSBC raised its 2027 Services revenue forecast by 5.4%, reflecting expectations that AI features will deepen user engagement and spending within Apple’s ecosystem.
Apple is weaving intelligence into the operating system itself, launching alongside iOS 27. Apple already has devices in roughly 1.5 billion pockets worldwide.
The crypto angle Apple keeps at arm’s length #
The App Store hosts every major crypto trading application, enabling millions of users to buy and sell Bitcoin, Ethereum, and other assets directly from their iPhones. Apple’s CryptoTokenKit framework provides developers with secure access to cryptographic tokens, building the plumbing for wallet integrations and authentication features.
As of mid-2026, Apple has made no disclosed corporate investments in cryptocurrencies. CEO Tim Cook has publicly acknowledged holding crypto personally, but the company itself has not added Bitcoin or other digital assets to its reserves.
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