BofA Trims Apple Price Target to $370 Amid Margin Pressure

BofA Securities has reduced its price target for Apple Inc. () to $370 from $380, while maintaining a Buy rating on the stock.

The firm cited lower-than-expected pricing on new iPhones as a factor that could drive higher unit sales but pressure gross margins due to higher memory and component costs.

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