BofA Cuts Apple Stock Price Target to $370 Amid Margin Pressure

Bank of America (BofA) has cut its price target for Apple Inc. to $370, citing margin pressure due to higher memory and component costs.

The firm's analyst, Wamsi Mohan, noted that the new iPhones will allow AI models to run on-device while using Private Cloud Compute for more complex requests.

BofA adjusted its earnings estimate for calendar year 2027 to $9.98 per share from $10.32, and expects slightly lower gross margins.