Bank of America maintains a Buy rating on AAPL with a $380 target, citing potential strategic shifts under new leadership.
Apple shares traded at $317 on Aug. 20, reflecting a 16% gain in 2026 but remaining 8% below July’s record high. The stock rose 4% over the prior two sessions, supported by strong iPhone 17 sales, which surged 16% over its predecessor and drove June-quarter revenue to a record $54.25 billion.
Tim Cook will step down as CEO on Sept. 1, passing the role to hardware chief John Ternus. Cook will remain as executive chairman, focusing on government relations. Bank of America analyst Wamsi Mohan reiterated a Buy rating with a $380 price target, suggesting 20% upside from the current $316.83.
BofA expects Ternus’s leadership to accelerate Apple’s AI strategy, marking a shift from Cook’s execution-focused tenure. The transition comes as Apple prepares to unveil the iPhone 18 Pro lineup in September.