Analyst Sees 11% Upside in Apple Stock with $370 Price Target

Apple Inc. (NASDAQ: AAPL) stock has regained momentum over the past month, fueled by its strong fiscal results and latest product lineup.

In a note to investors, Wamsi Mohan, a Wall Street analyst at Bank of America Corp. (NYSE: BAC), reiterated his 'Buy' rating for Apple stock and reaffirmed the bank's 12-month price target at $370.

This represents a potential 10.69% upside from the current trading price of $334.28.

Mohan attributes this optimism to aggressive promotions from U.S. wireless carriers, which effectively neutralize higher device pricing and catalyze iPhone sales.