Apple prepares for a major hardware refresh, with BofA setting a $380 price target as the tech giant enters the competitive foldable smartphone market.
Apple is entering a critical hardware cycle with its upcoming 'Surprise and Shine' event, where it is expected to launch the iPhone 18 series and its first foldable device. Bank of America has reiterated a Buy rating with a $380 price target, citing the potential for the foldable iPhone to generate over $45 billion in revenue despite intense competition from established rivals like Huawei and Xiaomi.
Analysts estimate the foldable iPhone could carry a price tag of approximately $2,500.
BofA believes Apple's strong hardware-software integration, massive installed base, and ecosystem will allow it to differentiate itself and succeed despite the late start.
Bank of America reiterates a Buy rating on Apple ahead of the September 9 'Surprise and Shine' event. Analysts expect the debut of the iPhone 18 series and the company's first foldable device, projecting the new hardware cycle could generate over $45 billion in revenue despite intense competition from established Chinese rivals like Huawei and Xiaomi.
Apple is anticipated to unveil the iPhone 18 Pro and Pro Max, its first foldable iPhone (Ultra/Fold), Apple Watch Series 12, AirPods 5, and updated smart-home devices.