Bank of America raised its Apple price target to $380 from $330, implying roughly 20% upside, based on the company's agentic AI moat built on its ecosystem control. The note forecasts a $15–65 billion incremental revenue opportunity by fiscal 2030 and highlights an AI-powered Siri at WWDC.
Bank of America analyst Wamsi Mohan increased the price target on Apple to $380 from $330, representing about 20% upside from current levels, while maintaining a Buy rating based on anticipated AI-driven re-rating.
Mohan argues that value in an agentic AI world accrues to platforms controlling user intent, context, app access, permissions, identity and payments—areas where Apple’s iOS, silicon and secure ecosystem converge.
The note estimates an agentic Siri could deliver $15 billion to $30 billion incremental revenue in fiscal 2030 under a base case and $40 billion to $65 billion in a bull scenario, potentially adding $2 per share in earnings.
To capture this upside, Apple must enhance on-device AI processing, evolve Siri into an orchestration layer for local and cloud models, and expand developer integrations. A major Siri revamp is set to debut at WWDC on June 8.
