Wedbush reconfirms Outperform and $350 price target
Wedbush has reiterated its Outperform rating on Apple Inc. and maintained a $350.00 price target ahead of the company’s fiscal first-quarter 2026 earnings report, which is scheduled for Thursday, January 29th. That $350 target is in line with the highest analyst projection noted among peers. At the time of the note, Apple shares were trading at $258.27 and the company carried a price-to-earnings ratio of 34.8, a multiple the research firm described as notably above InvestingPro’s calculated Fair Value and therefore potentially indicating overvaluation.
Expectations for fiscal 2026 and recent performance
Wedbush expressed confidence in Apple’s holiday quarter results, suggesting that market expectations for fiscal 2026 may be understating the company’s near-term prospects. Analysts are forecasting fiscal 2026 earnings per share of $8.20 for Apple, building on the company’s $416.16 billion in revenue generated over the last twelve months.
Strategic inflection and competitive dynamics
The research firm described 2026 as likely to be a "pivotal year" for Apple, noting the company will navigate a product transition from iPhone 17 sales to the iPhone 18 while also contending with intensified competition in critical markets such as China. Wedbush singled out Apple’s artificial intelligence initiatives as a key area to watch, quoting management language that this could be when CEO Tim Cook and his team will "dive into the deep end of the pool" with their AI strategic roadmap.
Apple remains listed on Wedbush’s Best Ideas List and on the IVES AI 30 List, underscoring the firm’s continued conviction in the company’s market position and growth opportunities despite valuation questions.
Supply-cost headwinds and other broker views
Separately, TF International Securities analyst Ming-Chi Kuo confirmed expected increases in LPDDR memory pricing in the first quarter of 2026, a trend that the note said is already putting upward pressure on iPhone production costs and for which further price increases are anticipated in the second quarter of 2026.
Brokerage opinions around Apple diverge ahead of the earnings release. JPMorgan has raised its price target to $315 while maintaining an Overweight rating, even as Apple shares have underperformed the S&P 500 Index over the past two months. Jefferies trimmed its price target to $276.47, citing a slowdown in services revenue as a driver for its more conservative view. Morgan Stanley reiterated an Overweight rating with a $315 price target but signaled the stock may trade "sideways to modestly lower" after the upcoming earnings announcement. KeyBanc left its Sector Weight rating in place, highlighting what it calls a neutral near-term risk/reward profile for the company.
Mixed outlook as earnings approach
Taken together, the analyst notes and industry commentary present a mixed picture for Apple as it readies its fiscal first-quarter 2026 results. Wedbush’s upbeat stance, underscored by inclusion on its Best Ideas List and attention to AI initiatives, sits alongside cost pressures from memory pricing and a range of analyst price targets and ratings that reflect differing views on near-term revenue drivers and valuation.
Key developments at a glance
- Wedbush reaffirms Outperform rating and $350 price target for Apple ahead of Jan. 29 earnings.
- Apple trading at $258.27 with a P/E of 34.8, above InvestingPro’s Fair Value assessment.
- External pressures include LPDDR memory price increases affecting iPhone production costs in Q1 and expected further hikes in Q2 2026.