Apple sees bullish views at BofA

[Apple Launches iPhone 17 Line Up In Sydney]
Izhar Khan/Getty Images News

BofA increased the price target on Apple's (AAPL [https://seekingalpha.com/symbol/AAPL]) stock to $320 from $270 and reiterated its Buy rating on the shares of the iPhone maker.

Analysts led by Wamsi Mohan said that Apple's new products and services, AI impact on Apple’s ecosystem, its brand, and its large installed base remain a competitive advantage. The analysts presented a long term (next five years) framework for looking at Apple’s performance where they project both product and services revenues, and also considered new products and services that the company may introduce in that timeframe.

"We consider the impact of Artificial Intelligence (AI) on Apple’s revenues, enhancing potential new product offerings (AI augmented eye-wear, in-house AI robots/smart home), while potentially being disruptive in other cases (AI impact on traditional search revenues). Reiterate Buy on strong capital returns, eventual winner in AI at the edge & optionality from new products/markets," said Mohan and his team.

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