Apple stock price target raised to $270 from $260 at BofA Securities

Investing.com - BofA Securities raised its price target on Apple (NASDAQ:AAPL), a $3.48 trillion tech giant with $408.6 billion in trailing revenue, to $270 from $260 while maintaining a Buy rating following the company’s recent iPhone launch event. According to InvestingPro data, 20 analysts have recently revised their earnings estimates upward for the upcoming period.

The firm noted that Apple introduced new versions of iPhone, Watch, and AirPods with enhanced functionality, including additional health features such as heart rate sensing, hypertension notifications, and sleep score capabilities.

BofA Securities highlighted Apple’s potential to lead in delivering AI at the edge, supported by increased use of its own silicon including A19/A19 Pro chips and C1X modem, along with AI hardware enhancements such as neural accelerators in each GPU core.

The price target adjustment reflects slight estimate increases as the iPhone Pro model now starts with 256GB at $1,099, compared to $999 for 128GB last year, while the firm had already factored in a $100 higher price for iPhone 17 Air versus 16 Plus.

BofA Securities observed that while Apple shares declined after the event, historically they have recovered 30-60 days following product launch events. With analyst targets ranging from $175 to $300, investors seeking deeper insights can access comprehensive valuation analysis and 15 additional key tips through InvestingPro’s detailed research reports.

In other recent news, Apple has garnered attention with its latest developments, particularly surrounding the launch of the iPhone 17 series. The new lineup, which includes the iPhone Air model, has been a focal point for several investment firms. UBS maintained a Neutral rating with a $220 price target, noting the replacement of the underperforming "Plus" model with the new "Air" model. Meanwhile, Wedbush kept its Outperform rating and a $270 price target, highlighting the significant upgrade potential among approximately 315 million iPhone users who have not updated their devices in over four years.

Rothschild Redburn raised its price target for Apple to $260 from $230, emphasizing the company’s strengthening focus on hardware, as demonstrated by the positive reception of the iPhone Air model. Evercore ISI also increased its price target to $260 from $250, maintaining an Outperform rating, and pointed out notable design changes that could drive an upgrade cycle among iOS users. Additionally, HSBC reiterated its Hold rating with a $220 price target, following the product keynote that showcased hardware enhancements in screens, cameras, and batteries. These recent developments reflect a cautious yet optimistic outlook from analysts regarding Apple’s future prospects.

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