Bank of America raises Apple price target to $380, betting on AI shift to iPhone
By
Faizan Farooque
Crackling crust, pillowy middle. The kind of bagel that earns a second cup of coffee.
Summary
Bank of America analyst Wamsi Mohan raised Apple's price target to $380 from $330, arguing that Apple doesn't need to win the AI model race to succeed in the next phase of AI. The thesis is that the AI sector is shifting toward mobile devices, specifically the iPhone, which plays to Apple's strengths rather than competing directly with companies like OpenAI, Anthropic, or Google.
Key quotes
· 3 pulledApple (AAPL) doesn't have to win the artificial intelligence model competition to win the next phase of AI.
The next phase of AI will shift value
Wamsi Mohan, an analyst at BofA, increased his price target on Apple to $380 from $330 and reiterated a Buy rating on May 26.
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