Analyst Wamsi Mohan cites strong underlying demand and production constraints for Apple’s Q3 2026 revenue growth of $109.4 billion.
Bank of America reaffirmed its Buy rating on Apple, setting a $380 price target, 14% above the stock’s $333.43 close on July 30. The firm raised EPS estimates for the next three fiscal years, citing stronger-than-perceived business fundamentals despite modest guidance for the September quarter.
Apple reported Q3 2026 revenue of $109.4 billion, a 16% year-over-year increase, with EPS of $2.02. Adjusting for a $0.11 tariff refund, earnings aligned with analyst expectations. Guidance for 9% to 11% revenue growth in the September quarter was viewed as conservative, reflecting supply constraints rather than weak demand.
The firm highlighted production shortages for iPhones, Macs, and iPads due to limited supply of advanced semiconductor nodes, suggesting Apple could sell more devices if supply were unrestricted.