Apple (AAPL) Stock Gets a Big Upgrade — BofA Sees a New Era Coming

TLDR

• BofA analyst Wamsi Mohan raised his Apple price target to $380 from $330, maintaining a Buy rating
• The new target implies 33% upside from current levels
• BofA argues Apple’s smartphone ecosystem gives it a structural edge in the emerging agentic AI era
• An upgraded Siri capable of handling tasks like search, payments, and scheduling could add up to $65B in revenue by 2030
• Wall Street’s average price target for AAPL is $320.83, with 18 Buys, 10 Holds, and 1 Sell

Apple stock got a lift on Tuesday as Bank of America hiked its price target to $380, the highest on the Street from a major firm, pointing to agentic AI as the next big chapter for the iPhone maker. AAPL rose around 0.5% in premarket trading on the news.

Apple Inc., AAPL

BofA analyst Wamsi Mohan moved his target up from $330, keeping his Buy rating in place. The new figure is based on 37 times his 2027 earnings estimate of $10.29 per share, up from the prior multiple of 32 times.

The call centers on one key idea: in a world where AI assistants handle search, shopping, payments, and scheduling, the platform that owns those interactions wins. Mohan says that platform is the smartphone — and Apple controls it.

The analyst argues Apple already has all of those pieces in place at scale, giving it leverage over AI model providers, app developers, merchants, advertisers, and payment networks.

Apple Silicon and iOS as Key Pieces

Mohan pointed to Apple’s custom silicon and iOS as two structural advantages. On-device chips can handle AI tasks with better latency, privacy, and cost efficiency. iOS, meanwhile, controls how the AI is delivered to users.

He also noted that Apple will likely need a combination of on-device compute, Private Cloud Compute, and third-party infrastructure to deliver a strong AI experience as demand grows.

Siri Redesign in Focus

The analyst put particular weight on an upcoming Siri redesign. For Apple to fully capture the agentic AI opportunity, Mohan argues Siri needs to evolve into a genuine agent — one that can understand intent, pull up relevant apps, retrieve personal context, and complete full workflows.

If that happens, the upside could be substantial. Mohan estimates an agentic Siri could add between $15B and $30B to Apple’s fiscal 2030 revenue. In a stronger adoption scenario, that figure could reach $40B to $65B.

He also flagged that Apple removing its net cash neutral target reflects a shift in strategy — the company is now positioning itself to invest more heavily in AI infrastructure.

The broader Wall Street picture on AAPL is constructive, though BofA’s new target stands well above the consensus. The average analyst price target sits at $320.83, implying roughly 3% upside from current levels.

Of the analysts covering the stock over the past three months, 18 have a Buy rating, 10 a Hold, and just one a Sell.

BofA’s $380 target is the most aggressive read on Apple’s AI potential from a major bank to date.

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