BofA Securities Lowers Apple Price Target to $320

BofA Securities analyst Wamsi Mohan lowered the price target on Apple (NASDAQ: AAPL) to $320.00 (from $325.00) while maintaining a Buy rating.

“Our checks in Asia suggest that Apple will likely introduce its first foldable iPhone in 2026.

We expect the features to include an inner screen (book style foldable) of 7.7-7.8” and under 10mm thickness when folded.

The foldable is expected to have Touch ID in its first generation and no Face ID and no physical SIM.

Given that is a major form factor change, we expect initial demand to be strong and the supply chain is gearing up for a range of outcomes from 10-20 million units.

This is much higher than competing products (single digit millions for Samsung’s foldable), but we expect higher demand for Apple’s products from China and from Pro/Pro Max users that would like a larger screen.

Reiterate Buy on multiple catalysts including AI at the edge, launch of foldable and strong capital return.”

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