Apple Stock Rating Boosted by Carrier Incentives
BofA Securities has reaffirmed its 'Buy' rating on Apple stock, citing increased carrier incentives for iPhone purchases. The investment firm set a price target of $370.00, suggesting roughly 11% upside from the current trading price of $332.41.
The higher promotions offered by US wireless carriers have largely offset Apple's increased pricing this year. Carrier financing programs bundle device financing with wireless service and spread payments over 36 months, improving affordability for consumers.
Qualifying devices for the maximum trade-in credit of $1,200 must be an iPhone 14 or newer for Verizon and AT&T, while T-Mobile requires an iPhone 15 Pro or newer. Carrier promotions are tiered according to plan, customer quality, and number of lines.