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Apple is once again the focus of analyst reviews, as the investment firm Evercore has raised its price target for the stock to $325. This time, the rationale lies less in iPhone demand and more in future developments surrounding artificial intelligence. A revamped version of Siri, expected in spring 2026, is seen as a potential growth driver.
Apple stock has received a lot of attention in recent months. The price target has been adjusted repeatedly, mostly due to strong hardware forecasts. Now, the focus is shifting significantly towards software and AI. Evercore sees considerable potential in this area, a view shared by other analysts. Siri 2.0 and Apple's broader strategy to expand and monetize AI features on its devices are particularly important.
Evercore's price target increases step by step
Since the beginning of September, Evercore has raised its price target for Apple several times. Each increase is based on various developments surrounding iPhone models, demand forecasts, and the growing importance of AI.
As a first step, the price target was raised from $250 to $260 on September 9th. This was prompted by the anticipated strength of the iPhone 17 series. A second adjustment to $290 followed later that month. The focus was on the main models in the iPhone portfolio, with the iPhone Air receiving less attention.
By October 31st, the price target had risen further to $300. This was again driven by strong demand for the iPhone and the assessment that Apple's indications of supply shortages were factually accurate.
The most recent price adjustment to $325 was made on December 7th. It is no longer based on hardware development, but rather on expectations surrounding artificial intelligence. The announcement focused primarily on the upcoming Siri generation.
Siri 2.0 moves into the center of the analysis
Evercore points out that Apple's stock has seen strong momentum in recent months, and the question now is whether this trend can continue. The iPhone 17 cycle is considered a solid foundation. However, the real driver is expected to be the introduction of Siri 2.0 in spring 2026.
According to recent rumors, Apple plans to release a new version of Siri as part of the iOS 26.4 update. The launch is expected in the spring, possibly in March. Evercore believes this release is part of a three-stage strategy by which Apple intends to comprehensively modernize Siri.
Use of Gemini and multimodal functions
A key point is the assumption that Apple will use Google Gemini for the Siri upgrade. This integration should enable Siri to operate multimodally. This means that voice input, images, device context, and other data types can be used together. At the same time, the system should be able to process more tasks directly via the device's NPU (Network Processing Unit).
Despite using Gemini, Apple will retain full control over user data. Data will either remain on the device or be processed on Apple's own servers, not on Google's servers.
- Apple is greatly benefiting from Google's progress with Gemini 3
- Apple plans to integrate Gemini into Siri
Opening up to local AI models from third-party providers
Evercore also anticipates that Apple will more readily enable the use of local AI models like ChatGPT or Gemini on its devices. This would create a potential revenue stream in the long term. Apple could charge for access to these external models through its own services, thereby generating additional revenue.
Evercore is very optimistic about the monetization of AI. Models like AI as a Service and expanded partnerships with providers of major language models could further grow Apple's services division. The analysis suggests that Apple could thus become a kind of AI tollbooth.
Technical basis through the Model Context Protocol
There are already indications that Apple is creating the technical prerequisites for this approach. Support for the Model Context Protocol plays a key role in this. This protocol allows external AI systems to interact with apps in a similar way to how they currently interact via App Intenses. This enables the integration of broader AI systems into the Apple ecosystem without compromising the fundamental principles of data privacy and security.
Evercore considers Apple's AI course a decisive factor
Developments surrounding Apple demonstrate the rapidly increasing importance of AI in its product portfolio. Siri 2.0 could be a significant turning point, considerably strengthening the role of AI in Apple's strategy. Evercore sees sufficient potential in this to raise its price target to $325. The combination of stable iPhone demand and a clear focus on AI makes the outlook for Apple appear positive from the analysts' perspective. (Image: Shutterstock / Mamun_Sheikh)
Disclaimer: No recommendation for investments
This article does not constitute financial or investment advice. The information contained herein is for journalistic and informational purposes only. Please conduct your own research or consult a financial advisor before making any investment decisions.
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