Bank of America Boosts Apple Price Target to $320 Ahead of Earnings Reveal

Bank of America just raised the stakes on Apple (NASDAQ: AAPL) ahead of its fiscal fourth-quarter earnings release this Thursday. Analyst Wamsi Mohan kept his buy rating intact but bumped up the price target from $270 to $320, signaling a hefty 19% potential upside.

Mohan isn't worried about Apple's size acting as a growth brake. Instead, he sees the company positioned for steady expansion, especially as it rides the wave of artificial intelligence. The firm's entrenched ecosystem and brand muscle give it a leg up on competition, especially as it experiments with AI-driven product lines like smart eyewear and home robots.

"Apple's AI integration could disrupt traditional revenue streams, such as search, while opening fresh avenues," noted Mohan, pointing out the company's ambition to be a leader on the AI frontier. That optimism extends to Apple's capital returns and the "optionality" of new markets that could tip the scales further.

On the numbers front, Mohan forecasts Apple's earnings per share could more than double over the next six years. The iPhone 17 Pro and Pro Max seem to be fueling this bullish outlook, leading him to boost iPhone unit sales estimates ahead of the earnings call. Revenue growth guidance for the next quarter is expected to run in the high single digits year-over-year.

Not to be overlooked, Apple's stock has climbed about 7% so far this year. Market sentiment remains firmly tilted positive, with 33 out of 51 analysts rating it a buy or strong buy according to LSEG data, reflecting confidence in the company's ongoing performance and growth prospects.

This isn't the only major name getting analyst attention today. Alongside Apple, stocks like Nvidia, Tesla, and Victoria's Secret are also on the move, as fresh analyst calls push some shares to fresh highs and others to new narratives.

With Apple's earnings report on the horizon, all eyes will be on whether the iPhone maker can deliver on this upbeat forecast and show it's still got plenty of innovation tricks up its sleeve.