Wells Fargo Boosts Apple Price Target to $290 on Strong iPhone 17 and AI Prospects

Major Price Target Increase

Wells Fargo has reportedly raised its price target for Apple stock from $245 to $290, according to an investor note released on October 21. The significant increase represents a bullish outlook on the technology giant’s near-term prospects, particularly driven by expectations for the iPhone 17 and Apple’s evolving artificial intelligence initiatives.

Major Price Target Increase
Quarterly Earnings Expectations
Artificial Intelligence Strategy Focus
Recent AI Developments and Future Prospects

The financial institution maintained its Overweight rating for Apple shares while making this substantial adjustment to its price target. Such moves typically indicate strong confidence in a company‘s future performance and often influence investor sentiment ahead of earnings announcements.

Quarterly Earnings Expectations

According to the analysis, Wells Fargo expects Apple to report quarterly earnings per share of $1.79 alongside revenue of $102.4 billion. If accurate, this would mark Apple’s first fourth-quarter results exceeding the $100 billion threshold, significantly surpassing the previous Q4 high of $94.9 billion recorded in 2024.

The anticipated strong performance, sources indicate, could bolster investor confidence in Apple’s ability to maintain double-digit growth in its Services revenue segment. This comes as the company continues to diversify beyond hardware sales into recurring revenue streams.

Artificial Intelligence Strategy Focus

Analysts suggest that Apple’s artificial intelligence strategy represents a crucial component of Wells Fargo’s optimistic outlook. Despite what the report describes as a “somewhat faltering AI strategy” that includes the long-delayed overhaul of Siri as part of Apple Intelligence, the financial firm appears confident in Apple’s ability to recover ground.

The investor note proposes that Apple’s strong ecosystem and intuitive design position the company favorably to integrate more AI features into its devices. According to reports, Wells Fargo believes Apple could “actually make AI mainstream” through its approach to implementation and user experience.

Recent AI Developments and Future Prospects

Apple has already introduced several AI elements in its operating systems during September updates, including live translation capabilities and various messaging and call features. These incremental improvements, analysts suggest, represent building blocks toward more comprehensive AI integration across Apple’s product lineup.

The timing of Wells Fargo’s upgraded assessment comes as Apple prepares to announce its Q4 2025 results on October 30, followed by the customary analyst conference call. Investors will be watching closely to see if the company’s performance aligns with these optimistic projections and whether management provides additional insights about the iPhone 17 timeline and Apple Intelligence development.

Reference Links: For additional context, readers may consult Apple’s current stock information, background on Apple Inc., information about Wells Fargo, and general knowledge about artificial intelligence technology.