BofA Securities on Apple (AAPL): 'Start of a new software driven upgrade cycle'

BofA Securities analyst Wamsi Mohan reiterated a Buy rating and $256.00 price target on Apple (NASDAQ: AAPL).

The analyst comments "Apple (AAPL) shares are up 15% YTD, and flat over the past 60 days as we head into Apple’s event entitled “It’s Glowtime”, scheduled for Monday, Sep 9th at 1PM ET. We expect launch of the iPhone 16 line-up including Apple Intelligence. We expect staggered availability of Apple Intelligence with rollout first in the U.S. followed by other regions. We see this launch as the start of a multi-year software driven upgrade cycle and model 241mn iPhones for F25 (+8% y/y), and 257mn for F25 (+7% y/y). A factor that can impact iPhone unit sales are carrier promotions, and we expect at least a similar level of promotions as last year. If iPhone 16 starts shipping on Sep 20th, then that implies 9 ship days in F4Q24 for the new phones, similar to last year. Maintain Buy."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $220.85 yesterday.

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