Bank of America Raises Its Apple Stock Price Target to $380. Agentic AI Could Be the Upside Driver.

Bank of America (BAC) just gave Wall Street one of its boldest Apple (AAPL) price targets yet, lifting it to $380 from $330, and the thesis is simple: artificial intelligence is about to become a far bigger business for Apple than most investors currently appreciate. 

The upgrade, driven by Bank of America analyst Wamsi Mohan, centers on the rise of what the firm calls “agentic AI,” a term for AI systems capable of completing tasks on their own across apps, services, and devices. 

Mohan kept his “Buy” rating intact and laid out a case that Apple could generate between $15 billion and $30 billion in AI-related revenue by fiscal 2030. That would originate from a combination of Apple's own AI services and the commissions it earns from the App Store as AI apps proliferate on its platform.

Apple's Massive AI Opportunity

Bank of America's revised outlook indicates that Apple does not need to win the AI race to generate serious AI-powered revenue. What Apple has is something arguably more valuable: a locked-in ecosystem of over 2.5 billion active devices, a hardware-software stack it controls entirely, and a user base that trusts it with some of the most personal data on the planet.

As AI tools gain deeper access to payments, health data, personal files, and third-party apps, Apple's position as the gatekeeper becomes more valuable.

• In fiscal Q2 of 2026 (ended in March), Apple reported revenue of $111.2 billion, an increase of 17% year-over-year.
• iPhone sales rose to $57 billion, a Q2 record.
• Services, where AI monetization will most likely show up first, reached an all-time revenue record of $31 billion, up 16% year-over-year.

Cook also pointed to Apple Intelligence being woven into the core of its platforms, powered by Apple silicon and designed for on-device processing. That architecture, he argued, gives Apple a structural advantage as AI becomes more personal and more privacy sensitive.

Wall Street Is Bullish on AAPL Stock

In March, Bank of America cut the AAPL stock price target to $320, citing concerns about iPhone launch timing and revenue seasonality. The new $380 target is a meaningful reversal, and it signals that the firm's view of Apple's AI story has shifted materially. BofA now sees Apple's AI strategy less as a feature set and more as a long-term platform play. Rather than leading with flashy generative AI demos, Apple is embedding intelligence into the features users already rely on, from photos to messages to health tracking.

Morgan Stanley has raised its Apple stock price target twice to $330 since late 2025, pointing to long-term growth tied to AI, services, and the broader ecosystem. The narrative on Wall Street is shifting from "Apple is behind on AI" to "Apple's AI approach could quietly be the most durable."

Out of the 42 analysts covering AAPL stock, 23 recommend “Strong Buy,” three recommend “Moderate Buy,” 15 recommend “Hold,” and one recommends “Strong Sell.” The average Apple stock price target is $308, similar to its current trading price. 

The WWDC Wildcard

Apple is expected to discuss additional artificial intelligence features at WWDC in June 2026. The iPhone maker has not publicly detailed long-term revenue expectations tied to Apple Intelligence or future Siri capabilities, leaving a significant information gap between what Apple is building and what investors are pricing in.

Over the past decade, the tech stock has traded largely on iPhone demand, services growth, and buybacks. A $100 billion new share repurchase authorization and a 4% dividend increase, both announced on the Q2 call, underscore the financial discipline Apple brings to the table.

If the agentic AI thesis plays out even partially, the $380 target could look conservative. For investors willing to hold through near-term noise around memory costs and supply constraints, Apple looks like one of the most compelling risk-reward setups in large-cap tech right now.