Bank of America’s unique take on Apple stock as Ternus takes reins

Bank of America analyst Wamsi Mohan has reiterated a Buy rating and a $380 price target on Apple Inc. (AAPL), signaling approximately 20% upside from its recent close of $316.22. The bullish stance coincides with Apple's product launch event led by new CEO John Ternus, featuring the anticipated iPhone 18 Pro lineup and Apple's first foldable device expected to retail around $2,099. Bank of America's thesis relies on above-consensus earnings projections, forecasting fiscal 2026 revenue of $477 billion (up 15% year-over-year) and EPS of $8.85 (up 19%), followed by fiscal 2027 EPS of $9.92, which sits roughly 3% above Bloomberg consensus. Market expectations remain divided across Wall Street ahead of the launch cycle. In contrast to Bank of America's optimistic outlook, KeyBanc Capital Markets maintains an Underweight rating and a $250 price target, citing expected production cuts to 80 million units from 91 million a year earlier. Historical trading trends show Apple shares frequently drift lower around launch events before recovering over subsequent 30-to-60-day windows.