The Apple stock price target got a lift from UBS, rising from $280 to $287 just two days before Apple’s Q2 2026 earnings report on April 30. At the time of writing, Apple shares traded at around $270.71, so the new UBS Apple price target implies roughly 7.2% upside from current levels. The bank also raised its iPhone unit sales forecast from 46.5 million to 50.3 million, pointing to strong iPhone demand and Apple’s solid grip on memory supply heading into the print. UBS kept its neutral rating on the stock, though.

UBS analyst David Vogt put out a note to clients on Monday laying out the case for a higher Apple stock price target. He pointed to Apple’s supply chain strength and what he sees as real, sustained iPhone demand revenue growth going into the June quarter. The bank’s apple earnings forecast now puts Q3 FY26 revenue at around $102 billion, up about 4% from prior estimates, reflecting 8.5% year-over-year growth. Vogt also projected about 6% revenue growth for the US and China combined, or roughly $47.4 billion, up from a prior estimate of $43.5 billion.

UBS analyst David Vogt stated:

“Supply chain strength and sustained demand/share gains for the iPhone 17 series should lift iPhone rev up ~20% YoY.”

Vogt also wrote in his note:

“Apple’s ability to secure silicon and memory to meet iPhone demand has resulted in share gains.”

The revised Apple stock price target did not come with a rating upgrade. Vogt kept the apple stock neutral rating, and he was fairly direct about the risks behind that call. China and product innovation both came up as concerns, and the bank also noted it sees no upside to its roughly 14% revenue growth estimate for Apple’s Services business, with App Store growth running softer than payments right now.

Vogt wrote:

“Risks to our Apple thesis include (1) product delays or less innovative offerings, particularly a decline in iPhone unit shipments; (2) macro weakness dampening product demand, especially in China.”

China, in particular, carries real weight in any apple earnings forecast right now. Apple actually posted encouraging data there recently, becoming the global smartphone market leader in Q1 2026 for the first time. But macro pressures and the risk of slower iPhone demand revenue growth further out are still very much on the table, and the apple stock neutral rating reflects that caution.

UBS is not the only firm revisiting its Apple stock price target lately. BNP Paribas raised its estimate from $260 to $300 in mid-April, and JP Morgan bumped its target twice, from $305 up to $325. Wall Street’s broader consensus sits at a Moderate Buy right now, with 17 Buy ratings, nine Holds, and one Sell. Analysts also expect EPS of $1.95 and revenue of around $109.46 billion for Q2 FY26, reflecting roughly 18.2% year-over-year EPS growth. The UBS Apple price target of $287 is more conservative than most, and the apple earnings forecast from the bank is measured, but the overall direction heading into Thursday’s print is clearly positive across the board.