Apple (NASDAQ: AAPL) stock climbed to a fresh 52-week high on May 8, as Wall Street analysts continued to turn more bullish on the iPhone maker’s artificial intelligence prospects.
The latest bullish call came from Wedbush analyst Daniel Ives, who raised the firm’s price target on Apple to $400 from $350, while maintaining an Outperform rating on the shares.
At the time of writing, AAPL was trading at $293.22 up 2% on the day. Based on that price, Wedbush’s new target implies potential upside of approximately 36.4% over the next 12 months.
Wedbush sees major AI inflection point for Apple
Wedbush’s bullish view is centered on Apple’s ability to turn its massive installed device base into a major AI distribution channel.
The firm described Apple as “the sleeping tech giant about to see a major inflection point,” arguing that the company is positioned to benefit as artificial intelligence becomes more deeply integrated into consumer devices.
Ives estimates that around 20% of the world’s population could access AI through an Apple device over the coming years, giving the company one of the largest potential AI user bases in the technology sector.
That thesis has become increasingly important for Apple stock, as investors look for evidence that the company can translate AI features into stronger iPhone demand, services growth, and higher ecosystem engagement.
Apple stock hits fresh 52-week high
Apple’s latest move also comes as the stock is trading near the top of its recent range. Over the past month, AAPL has traded between $256.66 and $293.80, a wide band that reflects strong momentum as well as elevated volatility.
With shares pushing above the upper end of that range, Apple is now making a new 52-week high, which is typically viewed as a strong technical signal.
However, the move is not happening in isolation. The broader S&P 500 is also trading near record highs, suggesting that Apple’s strength is partly aligned with the broader market rally rather than being entirely company-specific.
Key Apple stock levels to watch
From a technical perspective, Apple remains in a constructive setup as long as shares hold above nearby support.
A key support zone sits between $286.19 and $287.52, formed by a combination of trend lines across multiple time frames. Holding above that area would keep the short-term bullish structure intact.
If AAPL remains above support and continues trading near its 52-week high, momentum traders may look for a continuation move toward the next psychological level at $300.
On the downside, a break below the support zone could signal that the latest breakout is losing strength and may expose the stock to a broader pullback within its recent trading range.
Apple stock price outlook
Wedbush’s $400 target is one of the more aggressive bullish calls on Apple and reflects confidence that AI can become a major catalyst for the company over the next year.
For that target to come into view, Apple will likely need to show that AI features can drive a stronger upgrade cycle, expand services revenue, and reinforce the company’s ecosystem advantage.
With Apple stock trading at a fresh 52-week high and sitting roughly 36% below Wedbush’s new target, investors appear to be increasingly focused on Apple’s potential AI-driven growth phase.
