After weeks of analysts downgrading Apple, Bank of America has raised its price target from $208 to $225 on the strength of both iPhone and Apple Vision Pro.
In a reversal of Barclays, which cited weak iPhone demand as a reason to downgrade Apple, BofA’s Wamsi Mohan sees increased production as justification to raise the company’s price target. The news comes as Apple begins taking pre-orders for its new Apple Vision Pro, but Mohan’s reasoning is centered as much on the iPhone and future use of generative AI.
According to Mohan, in a note seen by MarketWatch, there is now the potential for a “stronger multi-year iPhone upgrade cycle.” Specifically, he expects that interest in AI will spur users to buying new devices that can utilize it.
