Rothschild Redburn upgraded Apple to Buy from Neutral and raised its price target to $400 from $260, citing a planned foldable iPhone and a potential shift toward open-source AI models. The new target was described as a 53.85% increase and implied 30.75% upside from Apple’s then-current price of $305.93. Analysts cited in the coverage differed, with the earlier report naming Timm Schulze-Melander and the later recap naming James Cordwell. Redburn said Apple Intelligence has disappointed, while Apple uses a customized version of Google’s Gemini costing roughly $1 billion annually and receives $27.5 billion a year from Google for search placement. Redburn expects a foldable iPhone in September and forecasts 14 million iPhone Ultra sales in fiscal 2027, including 4 million cannibalized traditional iPhone sales, at an estimated $2,199 price. The wider coverage also noted Rep. Ed Case’s 10th Apple stock purchase since 2024, a nearly 3% weekly share gain, regulatory changes in Europe and higher hardware costs. Other market developments included Wolfe Research’s bullish view of AI semiconductors and Nvidia, Marvell Technology’s potentially transformational Google deal, Bernstein’s upgrade of Analog Devices, Goldman Sachs’ positive view of MongoDB and Deutsche Bank’s downgrade of SentinelOne.