BofA lowered the firm’s price target on Apple (AAPL) to $240 from $250 and keeps a Buy rating on the shares. The firm expects Apple to report upside to revenue estimates, driven by some pull forward of demand due to tariff worries, and slightly increased revenue estimates for the March and June quarters. Meanwhile, the firm lowered revenue estimates further out to adjust for higher costs of navigating a more complex supply chain and for delays in launching an AI enabled Siri. The firm’s forecast for Apple’s EPS “remains resilient” at $8.21 in calendar 2026, but a lower multiple accounts for the higher uncertainty around tariffs, the analyst noted.
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