Bank of America holds US$380 Apple target ahead of iPhone 18 event

Bank of America has maintained its Buy rating and US$380 price objective for Apple, while lifting underlying earnings estimates ahead of the company’s 9 September product event.

The target implies about 20 per cent upside from Apple’s 8 September close of US$316.22 and is above the cited average 12-month analyst target of US$324.53. Analyst Wamsi Mohan’s fiscal 2026 estimates include revenue of US$477 billion and earnings of US$8.85 a share.

Bank of America forecasts fiscal 2027 earnings per share of US$9.92, above the cited Bloomberg consensus of US$9.59 and Visible Alpha estimate of US$9.51. The note also models September-quarter revenue of US$112.7 billion and earnings of US$1.97 a share.

The bank expects Apple to unveil premium iPhone 18 models, potentially including a foldable device. Pricing, branding and the timing of any foldable launch remain unconfirmed, while media reports cited in the note have suggested a possible price of US$2,099.

Bank of America expects only premium models to be available through the holiday period, with the base iPhone 18, 18 Air and 18e reportedly delayed until spring 2027.

The event will be John Ternus’s first product launch as Apple chief executive after he took over on 1 September. The analyst estimates remain subject to change when Apple reports its results.