Apple Rated Outperform at Bernstein With $290 Price Target

Group 1 - Bernstein SocGen Group initiated coverage on Apple with an Outperform rating and a price target of $290, citing the company's positioning in artificial intelligence [1] - Apple is positioned to be a key beneficiary of the "Intelligence Revolution," with opportunities arising from its integration of AI technology [2] - A recent Google remedies decision has eliminated a major downside risk for Apple and created a pathway for the company to leverage Gemini AI [2] Group 2 - Bernstein valued Apple at 32 times its FY27 basic EPS estimate of $9.03, translating to a price target of $290 per share, which is equivalent to 29.8 times projected free cash flow of $143 billion [3] - The firm's valuation estimates were cross-checked against discounted cash flow models to support the valuation [3]