BofA Securities has reiterated a Buy rating on Apple Inc. with an unchanged price target of $325.00, according to a recent analyst note. Apple shares are trading at $264.94 and the company’s market capitalization stands at $3.88 trillion, while analyst price targets on the stock range from $205 to $350.
In its App Store analysis, BofA highlighted that revenue from the App Store reached $3.4 billion in the first 35 days of fiscal second quarter 2026, representing a 6.3% year-over-year increase. That growth rate is based on developer revenue data sourced from SensorTower.
The firm also reported that total downloads across iPhone and iPad platforms rose 3.6% year-over-year to 3.7 billion over the same period. Average dollars per download increased 2.6% year-over-year to $0.94.
Looking at the month of January specifically, BofA said global App Store revenue grew 7.0% year-over-year, outpacing download growth of 3.6%. The note pointed out that revenue growth in China remains soft, even as downloads in China rose by approximately 1% year-over-year.
BofA kept a positive stance on Apple, citing what it described as "strong capital returns, eventually winner at AI at the edge & optionality from new products/markets." The bank’s $325 price objective is derived from a multiple of 32 times calendar 2027 estimated earnings per share of $10.10.
The broker commentary follows Apple’s fiscal first quarter 2026 results, in which the company reported revenue of $143.8 billion, beating analysts’ consensus of $138.4 billion. Earnings per share were $2.84, above the expected $2.67. These results were underpinned by a 23% increase in iPhone sales and a 13.9% rise in Services revenue.
Other sell-side moves referenced in the note showed mixed positioning. Evercore ISI removed Apple from its tactical outperform list. Bernstein SocGen reiterated an Outperform rating and set a $325 price target, noting first quarter iPhone revenue of $85.3 billion. DA Davidson held a Neutral rating with a $270 price target while acknowledging the significant acceleration in iPhone sales. JPMorgan raised its price target to $325 and maintained an Overweight rating, citing strong margins. TD Cowen reiterated a $325 price target and emphasized potential growth tied to AI improvements in Siri and the upcoming iPhone 17 cycle.
Context and implications
For investors and market participants, the BofA note frames Apple’s near-term outlook around App Store monetization trends, device demand and capital return policies. The appraisal of AI at the edge and product optionality signals a view that new technology-enabled features and future product cycles could be important contributors to valuation upside. The range of analyst targets and the removal from a tactical outperform list illustrate differing short-term perspectives across the sell-side.
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