Bank of America raised its price target on Apple (AAPL) to $380 per share, up from the previous $330 target, citing the shift toward agentic artificial intelligence as a catalyst for a new revenue stream and a potential re‑rating of the stock.
Analyst Wamsi Mohan explained that in an "agentic" world, value accrues to the platform that controls user intent, personal context, app access, permissions, identity, authentication, payments, and trust—attributes that map closely to Apple’s existing ecosystem.
BofA highlighted that Apple’s moat in agentic AI derives from its proprietary silicon, which determines the amount of inference that can be performed locally, and its iOS stack, which governs whether AI can access user context, invoke apps, and complete tasks in a trusted manner.
The firm outlined five strategic priorities for Apple, centered on evolving Siri into an orchestration layer capable of understanding intent, retrieving context, and completing workflows (specific priorities not detailed in the source).
Financially, BofA estimated that an agentic Siri could generate incremental fiscal 2030 revenue of $15 billion to $30 billion in a base‑case scenario and $40 billion to $65 billion in a bull‑case scenario, potentially adding up to $2 of incremental earnings per share.
The new price target of $380 is based on a multiple of 37 times Apple’s calendar year 2027 EPS estimate of $10.29, and BofA reiterated its Buy rating on the stock.
