Bank of America Raises Apple Price Target Ahead of Earnings, Highlights AI Potential
Bank of America analyst Wamsi Mohan has increased Apple's price target to $320 from $270, citing a 19% upside potential. The bullish outlook reaffirms a Buy rating, emphasizing Apple's scalability and long-term growth prospects in a competitive landscape.
Mohan highlights Apple's strategic positioning in artificial intelligence, suggesting the company could emerge as a leader in AI-augmented products like eyewear and smart home devices. 'We consider the impact of AI on Apple’s revenues, enhancing potential new product offerings,' Mohan wrote, while acknowledging possible disruptions to traditional revenue streams.
iPhone 17 Pro and Pro Max demand appears robust ahead of Thursday's earnings report, with Mohan raising shipment estimates. The analyst projects Apple's earnings per share could double within six years, driven by capital returns and innovation in edge AI.
