Apple price target lowered to $320 from $325 at BofA

BofA lowered the firm’s price target on Apple (AAPL) to $320 from $325 and keeps a Buy rating on the shares. The firm’s checks in Asia suggest that Apple will likely introduce its first foldable iPhone in 2026 and conversations with the supply chain suggest that Apple will launch the foldable and the Pro models in the usual September timeframe, the analyst tells investors. However, the base model, Air and the “e” models will likely launch in the first half of 2027, likely in March, the analyst added. Based on this view, the firm adjusted estimates to reflect the impact of a staggered launch and associated gross margin changes.