HSBC Upgrades Apple to Buy, Raises Price Target from $260 to $366

According to HSBC, on July 17, the bank upgraded Apple to buy rating and increased its price target from $260 to $366, citing Apple as at an "operational inflection point." HSBC noted Apple maintains a capital expenditure advantage at 2.5% of 2026 sales compared to hyperscale cloud operators at 39%, and can leverage its 2.5 billion installed device base to deploy the upcoming Apple Intelligence system.
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