Apple shares hit an all-time high of $334.68 on July 16.

The stock was up 23% on the year, the product pipeline was looking unusually stacked, and most of the analyst community already had a Buy on it.

Then, on July 17, one of the banks that had been sitting on the sidelines decided it had seen enough.

HSBC analyst Nicolas Cote-Colisson upgraded Apple from Hold to Buy and raised his price target from $260 to $366. He said Apple is now at “an operational turning point.”

The upgrade came with a detailed explanation of why he had been cautious before and what changed his mind.

Why HSBC was skeptical and what changed

Cote-Colisson had spent most of 2026 preferring other…