BofA Maintains Apple Buy Rating Despite Emerging Risks From Meta Muse AI Agent

Bank of America reiterated a Buy rating and $370 price target on Apple, despite warning of competitive risks posed by Meta Platforms' new AI agent, Muse. Meta's Muse reached over 2.5 million downloads within two weeks of its launch, topping the App Store. Analyst Wamsi Mohan cautioned that leading AI agents could capture referral, discovery, and transaction economics traditionally held by app stores and operating systems. However, BofA continues to view Apple, whose stock is up 22% year-to-date, as an eventual edge AI frontrunner through its hardware, software, and services integration.