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).
“App Store revs in F4Q26 (after 65 days) increased to $6.3bn (+0.1% y/y, according to data on developer revs from SensorTower).
Compared to our last iteration, this is a step down from +0.6% y/y growth after 35 days. Total downloads (iPhone + iPad) were -3.9% y/y (6.2bn) during the same period.
App Store dollars per download increased to $1.01, +4.2% y/y. In August, App Store global rev decreased 0.5% y/y (first negative y/y growth since Feb. ’23; Fig 8).
App Store downloads decreased 3.8% y/y (second consecutive neg growth; Fig 9).
China revs grew 7.9% y/y (continued healthy growth for the last 6 months; see Fig 10) while downloads declined 4.2% y/y (similar trend as last 6 months).
Maintain Buy on strong capital returns, eventual leader at AI at the edge and optionality from new products/markets. Our PO stays at $380 on 37x C27E EPS of $10.32.”
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