Wall Street’s resident Apple bulls are at it again, and this time they’re not mincing words. Melius Research just cranked their price target on Apple from $355 all the way up to a shiny new $385, declaring that the company “may be on the brink of some real AI sizzle.”
In a note issued ahead of next week’s Worldwide Developers Conference (June 8-12), the firm is betting big on Apple finally unleashing an upgraded Siri that doesn’t just answer questions like a polite intern, but actually does stuff. You know, the kind of agent-style interface that could make ChatGPT look like yesterday’s news for a lot of everyday tasks.
Melius is particularly bullish on the growing comfort users have with voice commands, something that plays right into Apple’s wheelhouse. As the firm notes, no other consumer tech outfit controls both the hardware and the software in one trusted, seamless ecosystem like Apple does. That integrated advantage could become massive as AI gets more complex and independent.
They’re also projecting Apple could hit roughly $613 billion in total revenue by fiscal 2028. Let that sink in for a second.
This isn’t some random analyst throwing darts at a board. It’s a clear vote of confidence that Apple’s rumored AI enhancements — long teased, often doubted, but always delivered with that signature polish — are about to hit the mainstream in a way that reignites developer excitement and user delight.
Sound familiar? It should. This is classic Apple: let everyone else rush out half-baked features, then show up with something that actually works beautifully across the entire product lineup. While the rest of the industry chases flashy demos, Apple quietly builds the future you didn’t know you needed — until you can’t live without it.
As always, we’ll be glued to WWDC next week. If history is any guide, expect the usual mix of sneakily amazing demos – and the inevitable pile-on from the usual skeptics who’ll be proven wrong six months later.
MacDailyNews Take: Stay tuned, Mac faithful. The sizzle is coming. And if Melius is right, the Street will finally start to smell what Apple’s been cooking.
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I’m looking at the 2024 stock chart for relative guidance. I think the trajectory follows what 2024 did before the Siri disappointments later that year. If so, above $341 Apple gets into the $5 Trillion club which would be awesome.
The next question about the stock market is are we reliving this year as more of 1998 or 1999 (for those who weren’t around at the time, stocks going higher was “guaranteed” at least until the year 2000 when new highs slowed down and March 2000 was the beginning of the deep drop)?
Some type of downturn is inevitable but for the big players there is no chance of a dot-com-style bubble popping. Apple, Google, Nvidia etc. are the new General Electric, Standard Oil or U.S. Steel of our generation, cornerstones of the economy for years to come.