BofA Reaffirms Buy on Apple at $380 as Pricing Offsets Memory Costs

Apple shares trade near $298-300 after an initial post-WWDC selloff and partial recovery. Wall Street sentiment shifted from broad optimism—with Wedbush, TD Cowen, Maxim and BofA raising targets to $350-400—to caution after KGI downgraded the stock to Neutral with a $315 target on June 22. BofA has stayed constructive throughout, reiterating its Buy rating and $380 target while noting Apple’s ability to impose an extra $100 iPhone price increase to counter rising AI-driven memory costs. The firm slightly lifted its fiscal 2026 revenue and EPS estimates, underscoring Apple’s pricing power and services growth as offsets to margin pressure.