BofA Reaffirms 'Buy' Rating on Apple Stock Amid Foldable Phone Hype
Bank of America Securities (BofA) has reaffirmed its 'Buy' rating on Apple Inc. stock, setting a price target of $380.00. This implies approximately 16% upside for investors, given the current share price of $328.21.
The bank's decision is based in part on the performance of App Store revenues, which increased to $6.3 billion after 65 days in the fourth quarter of fiscal 2026, up 0.1% year-over-year according to SensorTower data. However, total downloads for iPhone and iPad decreased by 3.9% year-over-year during this period.
App Store dollars per download increased to $1.01, representing a growth rate of 4.2% year-over-year. BofA Securities maintained its price target based on an estimated earnings per share (EPS) of $10.32 for calendar 2027.
In related news, Apple is set to unveil the iPhone 18 on September 9, featuring a starting price above $2,000 for the foldable iPhone Ultra model. Analysts at Citi have highlighted this new development as a significant factor in the company's future prospects.