Bernstein SocGen Group initiated coverage on Apple (NASDAQ:AAPL) with an Outperform rating and a price target of $290, citing the company's positioning in artificial intelligence.

The firm said Apple was poised to be a key beneficiary of the “Intelligence Revolution,” highlighting opportunities stemming from its integration of AI technology. Analysts noted that a recent Google remedies decision not only eliminated a major downside risk but also created a pathway for Apple to leverage Gemini AI, dismissing worst-case scenarios.

Bernstein valued Apple at 32 times its FY27 basic EPS estimate of $9.03, or $290 per share, equivalent to 29.8 times projected free cash flow of $143 billion. The firm cross-checked its estimates against discounted cash flow models to support the valuation.