The experts from Bank of America (BofA) have reiterated their recommendation to acquire Apple shares, now setting their price target at 380 dollars (327 euros) per share.
This new valuation implies an upside potential of 19.9% compared to the current quote of 317 dollars (281.3 euros), according to a report released by the financial entity on the eve of the announcement of the upcoming launches from the tech giant.
From this Wednesday's product event from Apple, it is expected to unveil the new series of iPhone 18 smartphones, as well as the brand's first foldable iPhone, among other devices.
The company announced at the end of August the details of its meeting, which, under the slogan "Surprise and shine," is scheduled to take place at 10:00 AM Pacific Time (7:00 PM in the Iberian Peninsula) at the Steve Jobs Theater in Apple Park in Cupertino (California, United States).
During the presentation, it is expected that the tech company will showcase its new devices from the iPhone 18 series, which this time will focus on the 18 Pro and 18 Pro Max models, displacing the standard version.
Additionally, one of the most anticipated devices will be the first foldable iPhone from the firm, which industry sources are preliminarily referring to as iPhone Ultra or Fold.
"First big event" for John Ternus
As indicated in the financial entity's report, this Wednesday will be the "first big event" for John Ternus following his appointment as CEO of Apple.
In its estimates, Bank of America projects that "Apple will announce a foldable iPhone and a renewed Pro line," also anticipating that "the Pro models will experience price increases of between 150 and 200 dollars (129 and 172 euros)" and that the "base model of the iPhone 18 series will be launched next year." With this scenario on the horizon, the firm concludes: "We maintain the buy recommendation."
Valuation of 37 times and bet on AI
To justify the target of 380 dollars, BofA applies a multiple of 37 times on its earnings per share forecasts for the fiscal year 2027, which it estimates at 10.32 dollars.
Although this multiple exceeds the company's historical range over the last five years —between 19 and 35 times, with a median of 27—, the entity estimates that this premium is fully supported.
Among the key factors highlighted by BofA is the strategic opportunity linked to the integration of artificial intelligence into its ecosystem through the development of an agentic Siri.
In addition, there is the forecast of a prolonged device replacement cycle, the backing of its large cash cushion, and Apple's ability to expand into new end markets, which will strengthen the solidity and diversity of its revenue 'mix'.