BofA Securities Reiterates Buy on Apple, $380 PT

BofA Securities analyst Wamsi Mohan reiterated a Buy rating and $380 price target on Apple (NASDAQ: AAPL) on August 20, 2026.

“Under Tim Cook, Apple has created market cap growth at a rate of roughly $32 million an hour, every hour, for nearly 15 years or a total of $4.5 trillion overall.

Tim Cook took Apple from a company driven by a small number of product cycles into an institution capable of producing growth, cash flow, customer loyalty, and innovation at enormous scale and SKU complexity.

Cook focused on driving growth in the installed base of devices, monetizing that base through services (Apple Pay, App Store, Apple Music, Apple TV+ etc.) with a focus on privacy.

We expect much of the core of Apple to remain unchanged under incoming CEO John Ternus.

Reit Buy on strong capital returns, eventually winner at AI at the edge & optionality from new products/markets.

The Tim Cook era saw the concurrent growth of the public cloud that enabled the use of cloud services like Uber, Maps etc that merged devices with useful services.

We see the next era as one where devices combine AI features to become significant drivers of productivity.

By combining Apple silicon, on-device processing, privacy, operating systems, personal context, and a vast installed base, Ternus could cement Apple’s device dominance in an AI enabled era.

Wearables (Glasses, ring, Airpods with cameras), smart home automation (extend TV to interface with home control and monitoring), virtual and physical personal assistants (including Robotics) could all be incremental areas of focus.”

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