In an new investor note, Bank of America maintained its “Buy” rating on Apple and raised its price target, citing strong iPhone 17 sales and long-term AI potential. Here are the details.
Apple’s stock has jumped 56% since April
Following last August’s investor note, in which Bank of America Research analyst Wamsi Mohani warned against tempered iPhone 17 expectations, today’s investor note had a more optimistic tone, as reported by CNBC:
Heading into the company’s fiscal fourth-quarter earnings release on Thursday, Mohan sees strength in sales of the iPhone 17 Pro and Pro Max and raised his iPhone unit estimates. The analyst expects the company to guide year-over-year revenue growth for its current quarter in the high single digits.
Today’s note also raises Apple’s stock price target to $320, up from $250 in August. In practice, that would mean a 19.4% bump compared with the current $268.22 stock price.
Alongside a stronger demand for the iPhone 17 and iPhone 17 Pro than Mohan had anticipated, he also cited AI as a major driver behind the new price target, as he believes the company will eventually become a leader in the field:
“We consider the impact of Artificial Intelligence (AI) on Apple’s revenues, enhancing potential new product offerings (AI augmented eye-wear, in-house AI robots/smart home), while potentially being disruptive in other cases (AI impact on traditional search revenues).”
Apple’s stock is up 10% so far in 2025, despite a steep drop in April amid uncertainty over the start of Trump’s trade war. Since its $174 low, the stock has climbed 56% to date.
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