Wedbush analyst Dan Ives reaffirms a $400 price target for AAPL despite a 5% stock decline following WWDC.
Wedbush analyst Dan Ives has reiterated his $400 price target for Apple (NASDAQ: AAPL), one of the most bullish projections on Wall Street. The target remains unchanged despite Apple’s stock falling over 5% during the week of its Worldwide Developers Conference (WWDC), where the company unveiled AI upgrades to Siri but failed to impress investors.
Apple’s WWDC typically showcases major product updates, but this year’s event focused on incremental AI improvements rather than a breakthrough innovation. The new Siri features, including real-time web searches and cross-app integration, aim to close the gap with competitors like Amazon, Alphabet, and OpenAI. However, the lack of a transformative announcement left the stock stagnant over the past month.
Ives has long cited Apple’s iPhone upgrade cycle as a key driver for the stock, though recent performance suggests investor skepticism about near-term growth. The $400 target implies significant upside from current levels, but market reaction indicates caution.