BofA Securities has reiterated a Buy rating on Apple with a $380 price target, well above the stock's current $320 level. The call comes ahead of an expected iPhone 18 launch that BofA says will include three new models, including Apple's first foldable iPhone.
BofA Securities reiterated a Buy rating on Apple with a $380 price target. Apple shares currently trade at $320, giving the company a $4.67 trillion market cap, and the stock carries a P/E ratio of 36.92.
According to InvestingPro analysis, Apple appears overvalued relative to its fair value, placing it among the most overvalued stocks.
Three new iPhones expected
BofA expects Apple to announce three new iPhones: the iPhone 18 Pro, Pro Max, and its first foldable iPhone, potentially branded Ultra or Fold. The Pro models are expected to keep the current 6.3 and 6.9 display sizes, running on a 2nm A20 Pro processor with a larger battery, a smaller Dynamic Island and camera enhancements.
The foldable iPhone Ultra is expected to have a book-style design with dual displays — a 5.5-inch outer OLED and a 7.8-inch inner OLED — the A20 Pro chip, 12GB of RAM, and storage options up to 2TB. All three models are expected to ship with iOS 27.
BofA also said Apple could launch an Apple Watch Series 12 and/or Ultra 4, AirPods 5, and could preview or launch additional smart-home products, including an updated Apple TV 4K and HomePod mini.
Mixed analyst views ahead of the launch
Not every analyst shares BofA's confidence. KeyBanc has reiterated an Underweight rating, suggesting iPhone pricing could be a negative catalyst for the shares. DA Davidson holds a Neutral rating with a $270 price target, despite highlighting Apple's improved position in AI. Citi expects the foldable iPhone Ultra to start above $2,000, and the iPhone 18 Pro and Pro Max are expected to be priced roughly $200 above their predecessors.
Source: Investing.com
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