Melius Research reiterated its Buy rating and $370 price target for Apple, stating that Apple's rally towards a $5 trillion valuation is one of Wall Street's most unpopular trades. Apple shares have risen 26% year-to-date; Melius believes that lower AI capital expenditures and strong stock repurchase capabilities provide support, and is optimistic about further upside from increased iPhone selling prices, growth in its services business, and new products.