BofA Securities Reiterates Buy on Apple, $380 Price Target

BofA Securities analyst Wamsi Mohan reiterated a Buy rating and $380 price target on Apple (NASDAQ: AAPL).

“While F3Q came in mostly in-line ex benefit from tariff recovery (+150bps on GM), we remain bullish on shares of Apple heading into the launch of the new iPhones in the fall given: (1) Below Street rev guide for the Sep qtr (9-11% y/y) reflects supply constraints (iPhone, Mac and iPad) not weaker demand and increased FX headwind (2.5% y/y higher vs.

June qtr), (2) iPhone demand remains strong (gained share globally in F3Q, with record upgraders), (3) channel inventory is lean exiting the June qtr and expected to be low even exiting Sep (potential tailwind to sales in F1Q), (4) launch of new iPhones in the fall at higher prices should be a tailwind to GM, and (5) monetization opportunity with AI Siri can drive customers to move up on their iCloud plans.

Reit. Buy on strong capital returns, eventual winner on AI at the edge and optionality from new products.”

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