While investment firm TD Cowen believes Apple must invest more in AI, the success of the current iPhone 17 has made it raise its Apple stock price target by $50 to $325.
Just as Evercore has now raised its Apple target price, so TD Cowen has done the same — and for chiefly the same reasons. In a note to investors seen by AppleInsider, its analysts are more bullish in that they've raised the price by $50 compared to Evercore's $10.
Yet the analysts' report is actually slightly more cautious than Evercore's. It says that Apple must spend more on AI, although it also believes that the company is doing this.
Specifically, it believes that Apple's expectation of higher revenues in the next quarter will help. The greater revenue will compensate for the company's greater R&D spend.
Overall, it's the high demand for the iPhone 17 that has prompted this price rise from both investment firms. TD Cowen specifically believes that the demand is not about to quieten down, either.
It says that there is more room for the demand to run. That's presumably based on Apple's comments that it had not been able to manufacture enough iPhones to meet demand.
Apple expects to resolve that issue by the next quarter. It is also, though, anticipating a $1.4 billion hit from tariffs in that next quarter.
TD Cowan notes this, but is reasonably unconcerned about the impact of this. Its analysts note that Apple has been particularly good at managing costs in order to avoid raising prices.
The analysts are also unconcerned for now about the App Store's legal issues. They argue that these do not appear to be having any revenue impact as yet.
Back in July 2025, TD Cowan said that Apple has 18 months to sort out Apple Intelligence. The company's analysts are sticking to that, although the clock is ticking and they now say Apple has 15 months.
