TECH - Apple's App Store Revenue Surge and iPhone Upgrades Set to Drive Growth in 2025: BofA Analyst | Benzinga
Piper Sandler analyst Harsh Kumar maintained Apple Inc (NASDAQ:AAPL) with a Neutral and raised the price target from $190 to $225.
BofA Securities analyst Wamsi Mohan reiterated a Buy rating on Apple with a price target of $230.
The rating reflected the expected strong iPhone upgrade cycle in fiscal 2025 driven by the need for the latest hardware to enable generative artificial intelligence features, higher growth in Services revenue, higher margins from more internally developed silicon, continuing capital returns, and AI features that can drive higher institutional ownership.
The price target reflects 30x Mohan’s calendar 2025 EPS estimate. The target multiple compares to the 5-year historical range of 16-34x (median 27x). Mohan noted that a multiple at the ...