Evercore Eyes $13 EPS as KeyBanc Flags 32x Valuation Risk on AAPL at $298

Apple's institutional outlook fractures into a sharp bull-bear debate as of May 14, with Evercore ISI projecting EPS as high as $13 on sustained double-digit Services growth ($30B+ quarterly, 70%+ margins), while KeyBanc turns 'more cautious' citing stretched 23x EV/EBITDA and 32x earnings multiples alongside a troubling April consumer spending drop of 16% MoM and -6% YoY. The week began May 8 with Wedbush's Dan Ives declaring Apple's AI chapter 'finally underway,' followed by a Zacks #2 Buy upgrade (FY2026 EPS $8.74) and Wedbush's $400 price target raise forecasting $15B in incremental AI services revenue. Record Q2 results ($111.2B revenue, +16.6% YoY; EPS $2.01, +22% YoY), a $100B buyback, Q3 guidance of +14-17% YoY, and CEO succession from Tim Cook to John Ternus in September underpin the bull case, even as Jim Cramer publicly dismissed Wedbush's optimism and Apple ceded its title as world's most valuable company to NVIDIA.