BofA raised the firm’s price target on Apple (AAPL) to $325 from $320 and keeps a Buy rating on the shares. Apple’s gross margins came in stronger than expected at 47.2%, driven by better Services and product mix, despite a $1.1B impact from tariffs in the quarter, the analyst tells investors in a post-earnings note. The firm remains bullish on Apple heading into 2026 given iPhone upgrades are tracking better than expected, gross margins continue to move higher despite commodity headwinds, the March quarter should see even better margins as tariffs abate further and mix shifts to Services, AI enabled Siri will be available and foldable iPhone is expected in September, the analyst added.
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