Bank of America analyst Wamsi Mohan reiterated a Buy rating and $380 price target on Apple, implying 28.4% upside, while flagging a major pricing shift. The firm now assumes an additional $100 price increase on iPhone Pro and Pro Max models on top of a previously expected $100 hike, reflecting rising memory and storage chip costs. Price increases are also expected for Mac and iPad products, though unit demand estimates were trimmed marginally across all categories. BofA raised its fiscal 2026 revenue estimate to $469.8 billion and earnings per share to $8.63, but sees 100 basis points of gross margin headwinds in products, partially offset by stable services margins. Risks include weaker consumer spending, a slower services trajectory, and execution on Apple's AI features.
Apple Inc.Apple is raising iPhone Pro prices by $200 to offset memory costs, but BofA sees 100 bps gross margin headwinds in products.
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