Apple Stock Rises 2.4% as Evercore Lifts Target to $380 on Siri AI Hopes and China Clears Apple Intelligence

Shares of Apple Inc. rose more than 2% on Monday, joining a broad technology rally, as Wall Street analysts grew more optimistic about the company's artificial intelligence plans and Apple won a key regulatory approval in China.

Apple shares gained $8.10, or 2.37%, to $350.47 as of 11:12 a.m. Eastern time.

Analyst upgrade

A price target increase helped lift sentiment. Evercore ISI raised its price target on Apple to $380 while maintaining an Outperform rating, citing the potential for Siri AI as the company broadens its rollout to users in select geographies.

The firm sees a key advantage for Apple. Evercore said Siri AI's advantage is native access across apps and payments, allowing it to use app actions, personal context and Apple Pay to execute transactions with less friction than web-based agents relying on third-party payments.

Other brokers have also turned more bullish. Argus analyst Jim Kelleher raised the firm's target to $400 from $375 and maintained a Buy rating after Apple's earnings beat. Bank of America analyst Wamsi Mohan said the iPhone Duo "stole the show."

China AI approval

Apple also cleared a regulatory hurdle in a key market. The stock ticked up in premarket trading after Apple registered its Apple Intelligence service for use on tablets and laptops in China, Shanghai's cyberspace regulator announced Monday.

Apple previously secured approval in July to roll out Apple Intelligence on iPhones in China. Alibaba helped train a custom Chinese AI model to power Siri, text tools and image features, and the expansion helps Apple protect sales in Greater China against domestic rivals like Huawei and Xiaomi.

Siri as an AI agent

Reports about Apple's AI roadmap also drew attention. CEO John Ternus is reportedly pushing Craig Federighi, Apple's software chief, to accelerate the company's AI roadmap.

Strong results

Apple's latest earnings remain a support. In its fiscal fourth-quarter report on Nov. 2, Apple posted $114.48 billion in total revenue and $2.10 in earnings per share, beating Wall Street estimates.

Apple said fiscal 2026 revenue reached $479 billion.

Standout performer

Apple has held up better than its peers this year. It remains the best-performing Magnificent 7 stock, with over 26% year-to-date gains.

Not all analysts are as bullish. Wall Street gives Apple a Moderate Buy consensus rating, with an average price target of $339.54, below where the shares now trade.

Investors will next watch holiday-quarter sales of its new devices and the December rollout of Apple Intelligence on iPads and Macs in China.

This article is for informational purposes only and is not investment advice.