Wedbush Boosts Apple PT to Street-High $400 on $15B AI Services Revenue Forecast

Wedbush raised its Apple price target to a Street-high $400 on May 8, projecting $15B annual AI services revenue via Alibaba partnerships, iOS 27 features, and 2027 iPhone redesigns ahead of WWDC, driving shares higher. This crowns post-Q2 earnings upgrades from Bernstein ($350), Morgan Stanley/BofA ($330), and Baird ($310) after stellar results: $111.2B revenue (+17% YoY), iPhone $57B (+22%), Services $31B (+16%), EPS $2.01 (+22%), 14-17% June guidance, and $100B buyback. Initial memory shortages and foldable delays eased with MacBook Neo launch, 2.5B+ device base, and AI Siri momentum under new CEO John Ternus.