Bank of America Securities lowered Apple's target price from $380 to $370, but maintained a “buy” rating. The main reason is that the price of the new iPhone is lower than previously anticipated. Although it is expected to drive higher sales, it may put pressure on gross margin against the backdrop of rising memory and other component costs. The bank lowered Apple's 2027 earnings per share forecast from $10.32 to $9.98, and continued to value it at 37 times the 2027 price-earnings ratio. Bank of America analyst Wamsi Mohan said that the new iPhone will support more AI models to run directly on the device, and more complex requests will be processed through Private Cloud Compute. It is expected that Siri AI will become more personalized and capable in the future, while maintaining the protection of user data. Despite concerns about profit margins, Bank of America believes that Apple's new product cycle will support it. After this adjustment, its target price of 370 US dollars is still significantly higher than Apple's current stock price level of about 315 US dollars.

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