Bank of America updated its target for Apple to $320.

Upgraded Price Target for Apple

Bank of America analyst Wamsi Mohan stated on Wednesday that he has raised the price target for Apple from $270 to $320, reiterating a Buy rating for the stock.

This move comes after Bank of America provided a new five-year outlook that offers a sustainable growth forecast for the company's products and services. This outlook predicts growth based on ecosystem, brand, and installed base.

Wamsi noted, “We are providing a long-term framework (over the next 5 years) to evaluate Apple's performance,” and shared information on revenue projections for products and services as well as “new products and services that the company may introduce during this time period.”

In the bank's announcement, it was mentioned that Apple is expected to be the “ultimate winner at the edge of artificial intelligence,” emphasizing the importance of new products and market options.

Bank of America updated its target considering a 32x C27E earnings per share (EPS) of $9.88 (previously 32x C26 earnings per share of $8.40) and expressed increased confidence in its forecasts after long-term analyses.

The bank currently estimates revenues and earnings per share for the fiscal year 2025 at $418 billion and $7.41, respectively.

Analysts also expect Apple's earnings per share to double within six years. They forecast an EPS of $13.79 by the calendar year 2030, representing a %14 compound annual growth rate from $6.29 in 2024.

Bank of America stated, “Our base case provides an EPS of $13.79 for the 2030 forecast,” and noted that the 2030 earnings sensitivity analysis indicates that Apple's 2026 EPS is “worth $8.95,” signaling potential above both street forecasts and the current stock price.

In the short term, Bank of America expects strong sales for the iPhone 17 Pro and Pro Max models, raising its fourth-quarter unit estimate to 57 million, surpassing the market estimate of 54 million.

The firm also anticipates a better mix and expects Apple to guide its revenue growth for the first quarter of the fiscal year 2026 as “high single digits” year-over-year.