Apple Inc. (NASDAQ:AAPL) stock rose more than 4% on Thursday, outperforming a sharply weaker technology sector. The Nasdaq fell 1.63%, while the S&P 500 slipped 0.27%. Technology was the day’s weakest-performing sector, down 2.6%.
Apple drew a bullish view from Bank of America Securities analyst Wamsi Mohan, who maintained a Buy rating and a $380 price forecast while pointing to services growth, capital returns, and future AI opportunities.
BofA Highlights App Store And Services Growth
Mohan said Apple’s App Store revenue rose 3.2% year over year to $8.8 billion in the full fiscal third quarter of 2026, while total iPhone and iPad downloads increased 1.3% to 8.7 billion.
He also noted that App Store dollars per download rose 1.9% year over year to $1.01.
BofA models 14% year-over-year growth for Apple’s total services revenue in the fiscal third quarter of 2026.
Mohan kept his $380 price forecast, based on the 37 times calendar 2027 estimated EPS of $10.27.
Analyst Sees AI And New Products As Upside Drivers
Mohan said BofA remains positive on Apple because of strong capital returns, its potential to become a winner in edge AI, and optionality from new products and markets.
He said the Supreme Court’s decision to hear Apple’s appeal in the Epic Games case is a constructive development as Apple continues to defend its App Store economics.
Mohan also viewed Apple’s new Siri AI architecture, combined with Apple silicon, as an important unlock for future hardware-driven and AI-enabled monetization opportunities.
Technical Picture Remains Constructive
Apple continues to trade in an established uptrend. The stock was trading at $306.64, about 4.3% above its 20-day simple moving average of $294.76 and 13.6% above its 200-day moving average of $270.69. The 20-day average also remains above the 50-day moving average, reinforcing the positive trend.
Momentum indicators also remain supportive. The moving average convergence divergence (MACD) indicator is above its signal line, suggesting buying momentum continues to outweigh selling pressure.
The next technical resistance sits near $317.50, close to the stock’s 52-week high of $317.40. Initial support is around $287.50, near the cluster of the 20-day and 50-day moving averages.
Earnings Remain the Next Major Catalyst
Apple is expected to report quarterly results on July 30. Wall Street expects earnings of $1.89 per share, up from $1.57 a year earlier, on revenue of $108.86 billion compared with $94.04 billion in the year-ago period.
The stock trades at about 35.6 times earnings, reflecting a premium valuation.
Analysts remain broadly positive. Evercore ISI maintained an Outperform rating with a $365 price forecast on June 25. KGI Securities downgraded the stock to Hold with a $315 price forecast on June 22. Bank of America maintained its Buy rating and a $380 price forecast on June 18.
Apple Price Action
AAPL Stock Price Activity: Apple shares were up 4.16% at $306.64 at the time of publication on Thursday, according to Benzinga Pro data.
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