According to AppleInsider, investment firm Evercore ISI has upgraded its price target for Apple stock to $325 per share, marking its fourth increase since September. The firm started at $250 in early September, raised it to $260, then $290, and hit $300 by October 31, largely on iPhone demand. The latest bump to $325, reported on December 7, shifts focus to software and artificial intelligence. Evercore’s central thesis is that a “Siri 2.0” launch in the spring of 2026, potentially as part of iOS 26.4 around March, will be a major driver. The firm expects this overhaul to be powered by Google’s Gemini for multi-modal interactions while keeping data on-device or on Apple servers. Evercore also believes Apple will enable more third-party AI models like ChatGPT, creating a long-term “AI toll booth” monetization strategy for its Services segment.
Evercore’s AI Bet
So Evercore is basically making a huge call here. They’re not just looking at next quarter’s iPhone sales; they’re gazing all the way out to spring 2026 and saying that’s when the real AI money starts flowing for Apple. The idea of using Gemini as the engine for a new Siri is fascinating. It’s a pragmatic move—Apple gets cutting-edge LLM capabilities without having to publicly admit its own models aren’t quite there yet for this scale. And the “AI toll booth” concept is clever. If Apple becomes the trusted gateway for users to access ChatGPT, Gemini, and others, taking a slice of every transaction, that’s a fantastic high-margin services business. It turns Siri from a cost center into a potential revenue center. You can check Apple’s current stock price, AAPL, to see where this optimism is starting from.
The Skeptic’s View
But here’s the thing. We’re talking about an event that’s over a year and a half away. A lot can happen in the AI world between now and March 2026. Remember, Apple has a long, long history of overpromising and underdelivering with Siri. “Siri 2.0” has been a rumor for what feels like a decade. Is the spring of 2026 just the latest in a line of moving targets? And banking on a partnership with Google’s Gemini carries its own risks. What if that relationship sours? What if Gemini’s progress stalls? Evercore’s entire bullish case seems to hinge on Apple executing a complex, multi-year software and partnership strategy flawlessly, which is not exactly the company’s historical strong suit outside of hardware integration.
The Broader Context
Now, Evercore isn’t alone in this optimism. Bernstein also recently restarted coverage with a positive outlook on Apple Intelligence. And the technical groundwork, like support for the Model Context Protocol, does suggest Apple is serious about opening its ecosystem to third-party AI. That’s the smart play. They’re building the platform, not trying to be the best at every single AI model. It’s the App Store strategy all over again. But the question remains: can they make the platform itself—Siri—good enough that people actually want to use it as that gateway? If the fundamental Siri experience is still clunky, no amount of backend LLM magic or third-party access will matter. The user has to want to start the conversation there. That’s Apple’s real challenge, and no price target upgrade can solve it.
