Key Takeaways
- Bank of America analyst Wamsi Mohan elevated Apple’s price target from $330 to $380 while reaffirming a Buy recommendation
- The updated target suggests potential gains of 33% from present trading levels
- BofA believes Apple’s control of the smartphone platform positions it uniquely for the agentic AI revolution
- A reimagined Siri with capabilities spanning search, transactions, and task management could generate $40B-$65B in incremental revenue by decade’s end
- Consensus analyst price target for AAPL stands at $320.83, with ratings breakdown of 18 Buys, 10 Holds, and 1 Sell
Shares of Apple received a boost Tuesday following Bank of America’s decision to raise its price objective to $380 — marking the most bullish target from a prominent Wall Street institution — as the firm highlighted agentic artificial intelligence as a transformative catalyst for the tech giant. AAPL shares climbed approximately 0.5% during premarket hours following the announcement.
Wamsi Mohan, who covers Apple for BofA, increased his price objective from the previous $330 level while maintaining his Buy stance. The revised target reflects a valuation of 37 times his projected fiscal 2027 earnings per share of $10.29, representing an increase from the earlier 32x multiple.
The investment thesis revolves around a central premise: as AI assistants increasingly manage search queries, e-commerce transactions, payment processing, and calendar coordination, the platform controlling these interactions will emerge victorious. According to Mohan, that platform is the smartphone — and Apple maintains dominant control over it.
“In an agentic world, value accrues to the platform that controls user intent, personal context, app access, permissions, identity, authentication, payments, and trust,” Mohan explained in his research note.
The analyst contends that Apple possesses all these critical components at massive scale, providing leverage over AI model developers, application creators, retail merchants, advertising platforms, and financial payment systems.
Custom Chips and Operating System Provide Competitive Edge
Mohan emphasized Apple’s proprietary chip architecture and iOS ecosystem as fundamental competitive differentiators. Dedicated on-device processors enable AI operations with superior responsiveness, enhanced privacy protections, and greater cost effectiveness. Meanwhile, iOS determines how AI functionality reaches end users.
He further observed that Apple will probably require a hybrid approach combining local device processing, Private Cloud Compute capabilities, and external cloud infrastructure to deliver optimal AI performance as user demand escalates.
Siri Transformation Takes Center Stage
The analyst placed considerable emphasis on forthcoming Siri enhancements. To fully capitalize on the agentic AI opportunity, Mohan contends Siri must transform into a true intelligent agent — one capable of comprehending user objectives, launching appropriate applications, accessing personalized data, and executing complete task sequences.
Should this vision materialize, the financial implications could prove significant. Mohan projects that an agentic Siri platform could contribute between $15B and $30B to Apple’s fiscal 2030 top line. Under more aggressive adoption assumptions, that contribution could expand to a range of $40B to $65B.
He additionally highlighted that Apple’s abandonment of its net cash neutral policy signals a strategic pivot — the company now appears prepared to allocate substantially more capital toward AI infrastructure.
The overall Wall Street sentiment toward AAPL remains positive, though BofA’s revised target exceeds the Street consensus by a wide margin. The mean analyst price objective currently registers at $320.83, implying modest upside of approximately 3% from prevailing price levels.
Among analysts publishing ratings within the last three months, 18 recommend Buy, 10 rate it Hold, and only one maintains a Sell recommendation.
Bank of America’s $380 price target represents the most optimistic assessment of Apple’s artificial intelligence opportunity issued by a major financial institution thus far.
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