BofA Cuts Apple Price Target to $370 From $380 After Ternus Debut

AnalystAnalystProduct / Tech
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Summary · why it matters

Bank of America lowered its Apple price target to $370 from $380 while keeping its Buy rating after CEO John Ternus delivered his first product event. From the referenced share price of $315.34, the new objective implies approximately 17% upside. The bank said new iPhone pricing came in below expectations, which could support higher sales volumes but pressure gross margins as memory and component costs rise. It raised its iPhone unit estimates by 2 million devices for fiscal 2026 and 5 million for fiscal 2027, but the smaller-than-expected increase in average selling prices cut its calendar 2027 earnings estimate to $9.98 per share from $10.32. Bank of America kept the 37-times earnings multiple used in its valuation, so the lower target reflects reduced profit expectations rather than weaker confidence in Apple's long-term strategy. The event also introduced the foldable iPhone Duo, upgraded iPhone 18 Pro models, Apple Watches and AirPods.

Impact on stocks 3

Artificial Intelligence▼ · 2 stocks
Apple Inc.
AAPL
▼ NegativeCapitalPricingrelevance

BofA cut its Apple price target to $370 from $380 and lowered calendar 2027 EPS estimate to $9.98 from $10.32 on weaker-than-expected iPhone pricing and rising memory/component costs.

Financials▲ · 1 stocks
Bank of America Corp
BAC
± MixedCapitalrelevance

Bank of America lowered its Apple price target to $370 from $380 while keeping its Buy rating, an analyst valuation call on Apple.

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