Apple iPhone carrier promotions modestly better than last year, says BofA

BofA says subsidies for the new iPhone 16 series soon to be offered by Apple (AAPL) are similar to last year, although there are slightly more attractive plans for the iPhone 16 Pro across the carriers. Verizon’s (VZ) trade-in credit is dictated by the customer’s plan tier, while T-Mobile (TMUS) offers the full $1,000 credit for any device valued over $50 and AT&T (T) offers the same $1,000 credit for a trade-in device valued over $180 or $830 credit for lower valued trade-ins, the analyst noted. BofA maintains a Buy rating and $256 price target on Apple shares.