BofA Raises Apple Price Target to $325

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

“As we head into F2Q26 (Mar Q) earnings after market close on Thur Apr 30th, we see upside to Street estimates given continued strong sales of iPhone, double-digit growth in Services revs and benefit from FX.

Upcoming catalysts include expected new buyback authorization, WWDC in June, and launch of a foldable iPhone in the fall & launch of an enhanced Siri with integration with Gemini AI which can drive higher upgrades.

We see iPhone demand remaining strong and raise our iPhone units for the Mar qtr to 60mn.

We model Services rev growth of 14% y/y consistent with the growth seen in the Dec qtr and mgmt.’s guidance, even though global App store sales remain relatively weak (+7% y/y in Mar qtr).

Our F2Q rev/EPS are $113bn/$2.00 vs. Street $109bn/$1.93 (we model rev +18% y/y vs guidance 13-16% y/y).

We model GM of 48.2% (vs. guidance 48-49%) but see sequentially lower margins in F3Q (June Q) on mix and higher component costs.

We expect Apple to guide F3Q rev growth of 10-15% y/y and GM range of 47-48%. We model F3Q rev/EPS of $106bn/$1.82 vs. Street $103bn/$1.74. Reiterate Buy.”

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