Bank of America Cuts Apple Price Target After iPhone Event

Apple's stock price remains above $330 after the iPhone event, with investors showing continued confidence in the company's prospects. According to Bank of America analyst Wamsi Mohan, the stock is still a 'Buy' but with a lower price target of $370, down from $380 previously.

This adjustment reflects a more cautious view on Apple's revenue and margin expansion potential from the latest iPhone cycle. The new iPhones are expected to generate solid but not exceptional growth compared to previous generations, factoring in maturity in key markets, competition from Android makers, and pressure on average selling prices.

Despite this, most analysts still see Apple as a strong investment opportunity, with an average rating of 'Moderate Buy' and a target price of $340.14, only 1.2% above the current share price. However, some individual houses have taken differentiated views on the stock, with Jefferies Financial Group reaffirming its 'Underperform' rating due to concerns about valuation or growth relative to peers.