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High materiality7/10

BofA Upgrades Apple on Carrier Promotions, AI Upside, Target $370

Sep 17, 2026, 2:57 PM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting

The note highlights a credible valuation catalyst (370 target, multi-year upgrade cycle) and near-term upside from carrier promos and AI-enabled services, which historically can lift ASPs and Services growth, supporting multiple expansion and earnings upside. Similar past instances when carrier incentives strengthened upgrades led to mid-cycle stock outperformance for AAPL.

AI summary

What happened, with direct paths to the underlying reporting

Bank of America analyst Wamsi Mohan remains bullish on Apple, citing richer U.S. carrier promos and AI-driven opportunities. He maintains a $370 target, expecting a multiyear iPhone upgrade cycle, stronger Services growth, and continued capital returns. The stock trades above major moving averages and sits near a 52-week high, reinforcing positive price momentum.

  • BofA reiterates Buy on AAPL with a $370 target; richer US carrier promos offset pricing.
  • iPhone 18 Pro Max trade-ins up to $1,200 across major carriers.
  • iPhone Duo adoption and higher ASPs expected to drive the upgrade cycle.
  • Siri and edge AI features bolster Services growth and margins; cash returns emphasized.
  • AAPL trades near 52-week high, above key SMAs; resistance near $344.50.

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StockNews.AI groups source reporting, classifies the event, and measures subsequent price movement. This is informational research, not investment advice. Prices may be delayed or unavailable.

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