Apple stock hits record high as analysts lift WWDC targets

Apple shares reached an intraday record on Tuesday, trading as high as $311.82 after early-session gains of about 0.9%. The stock has risen more than 22% since the start of the second quarter.

The move followed a string of analyst price-target increases ahead of Apple’s Worldwide Developers Conference in early June. Investors expect the company to announce AI-powered enhancements to Siri and closer integration across iPhones, Macs and Apple services.

Bank of America analyst Wamsi Mohan raised his price target to $380 from $330 and maintained a Buy rating. Melius Research analyst Ben Reitzes increased his target to $385. Both analysts cited potential revenue upside tied to a more capable, action-oriented Siri and Apple’s large installed base of about 2.5 billion active devices.

Mohan argued that Apple’s edge could come from controlling the device endpoint and the user experience rather than owning the most advanced foundational model. He wrote, “In an agentic world, value accrues to the platform that controls user intent, personal context, app access, permissions, identity, authentication, payments, and trust.” He added that an upgraded Siri could run on top of external models while keeping tighter integration and enhanced privacy within Apple’s ecosystem.

Reitzes described a future Siri as “an agentic interface” that could turn voice commands into actions across commerce, scheduling, payments and apps. He projected fiscal 2028 revenue near $613 billion under scenarios that include significant AI-driven adoption.

Bank of America modeled that an agentic assistant could add up to $65 billion in revenue by 2030 and about $2 billion in additional earnings over the next four years. Analysts point to Apple’s control of the iPhone, the App Store, payment systems and privacy settings as channels to route user intent and monetize AI features.

Analysts have noted Apple’s hybrid approach to AI — moving more processing to devices while using private cloud resources for heavier workloads — as a technical differentiator. Expectations for WWDC include software updates that demonstrate tighter Siri ties to third-party apps, payments and identity tools.

Investors will watch Apple’s keynote for specific product details, partnership announcements and signals on how the company plans to balance on-device processing, cloud resources and user privacy.