Apple Price Target Raised to $380 on Agentic AI, China Shipments Up 1.8%
AAPL•Bank of America raised Apple’s price target to $380 from $330, citing its lead in emerging agentic AI smartphones and shares are up 14% year-to-date. Analysts estimate AI could add $15–65 billion to fiscal 2030 revenue by leveraging on-device compute, custom silicon, hybrid cloud and Siri’s evolution.
1. BofA Raises Price Target to $380
Bank of America lifted its price target for Apple to $380 from $330 and maintained a Buy rating, citing Apple’s strengthened position to capitalize on agentic AI smartphone features, with shares up nearly 14% year-to-date.
2. AI Integration and Revenue Potential
Analysts project that deeper AI integration across hardware and software, including on-device compute, custom silicon, hybrid cloud infrastructure and Siri’s transformation into an execution layer, could generate an additional $15–65 billion in fiscal 2030 revenue.
3. China iPhone Shipments Show Modest Gains
April shipments of foreign-branded phones in China, including iPhones, rose 1.8% to 3.59 million units, providing a small positive signal despite intense domestic competition, though one month’s growth may not signal a sustained recovery.
