Key Takeaways
- Bank of America’s Wamsi Mohan increased Apple’s price target from $330 to $380 while reaffirming a Buy recommendation
- The upgraded target suggests potential upside of 33% from present trading levels
- BofA believes Apple’s mobile device ecosystem positions it advantageously for the coming agentic AI revolution
- A transformed Siri with capabilities spanning search, transactions, and task management could generate $15B to $65B in additional revenue by fiscal 2030
- Consensus among analysts shows an average target of $320.83 for AAPL, with 18 Buy recommendations, 10 Hold ratings, and 1 Sell rating
Shares of Apple climbed on Tuesday following Bank of America’s decision to elevate its price target to $380, representing the most bullish outlook from a leading financial institution and highlighting agentic artificial intelligence as a transformative opportunity for the tech giant. AAPL shares advanced approximately 0.5% during premarket hours following the announcement.
Wamsi Mohan, analyst at BofA, adjusted his projection upward from the previous $330 target while maintaining his Buy stance. His revised forecast applies a 37x multiple to his fiscal 2027 earnings projection of $10.29 per share, representing an increase from the earlier 32x valuation.
The investment thesis hinges on a critical premise: as AI assistants become the primary interface for search, commerce, financial transactions, and calendar management, the platform controlling these interactions will dominate. Mohan contends that smartphones represent this platform — with Apple firmly in control.
“In an agentic world, value accrues to the platform that controls user intent, personal context, app access, permissions, identity, authentication, payments, and trust,” Mohan stated in his research note.
The analyst maintains that Apple possesses all these components at significant scale, providing it substantial influence over AI model creators, application developers, retailers, advertisers, and payment processors.
Custom Silicon and Operating System as Competitive Advantages
Mohan highlighted Apple’s proprietary chip technology and iOS ecosystem as critical competitive differentiators. Custom processors enable AI functionality with superior response times, enhanced privacy protections, and greater cost effectiveness. The iOS platform, meanwhile, governs how artificial intelligence reaches end users.
The analyst also observed that Apple will probably require a blend of device-based processing, Private Cloud Compute infrastructure, and external computing resources to maintain robust AI performance as usage scales.
Siri Transformation Takes Priority
Mohan placed significant emphasis on the anticipated Siri overhaul. To fully capitalize on the agentic AI market opportunity, the analyst contends that Siri must transform into a true intelligent agent — capable of interpreting user intentions, surfacing appropriate applications, accessing personal data, and executing complete task sequences.
Should this materialize, the financial impact could be considerable. Mohan projects that an agentic Siri could contribute between $15B and $30B to Apple’s fiscal 2030 top line. Under an optimistic adoption scenario, that contribution could expand to $40B through $65B.
He additionally noted that Apple’s decision to abandon its net cash neutral objective signals a strategic pivot — the company is now preparing for more substantial investments in AI infrastructure.
The overall Street sentiment regarding AAPL remains positive, though BofA’s latest target significantly exceeds the consensus view. The mean analyst price objective stands at $320.83, suggesting approximately 3% appreciation potential from current price levels.
Among analysts providing coverage within the last three months, 18 maintain Buy ratings, 10 recommend Hold positions, and only one advises Sell.
Bank of America’s $380 price target represents the most optimistic assessment of Apple’s artificial intelligence opportunities from any major financial institution to date.
