Woofun AI reports that HSBC upgraded Apple Inc. to a Buy rating, raising the price target from $260 to $366. The bank identifies an "operational turning point," noting Apple’s capital expenditure represents only 2.5% of projected 2026 sales, significantly lower than cloud providers. HSBC highlights the leverage of a 2.5 billion device installed base for upcoming OS updates and strong hardware prospects, including the iPhone 18 Pro, iPhone Air, and a clamshell foldable device.