Bank of America Stands Firm on Apple Stock Amid Quarterly Results
Bank of America has reaffirmed its Buy rating on Apple stock for the remainder of 2026, despite some investors interpreting the company's recent quarterly results as underwhelming. Analyst Wamsi Mohan cited several key indicators that suggest Apple's business is stronger than it appears.
The June quarter saw Apple report revenue of $109.4 billion, a 16% increase from the same period in 2025. However, about $0.11 of this figure came from a tariff refund, which means earnings were roughly in line with analyst projections when adjusted for this one-time factor.
Mohan argued that Apple's September quarter guidance of 9-11% revenue growth is not necessarily indicative of slowing demand. Instead, the firm believes production shortages on iPhones, Macs, and iPads due to tight supply of advanced semiconductor nodes used in Apple's custom chips are the primary constraint.