Bank of America has raised its price target on Apple to $380 per share from $330, arguing that a transition to agentic artificial intelligence could unlock a substantial new revenue stream and prompt a fresh reappraisal of the stock.
In a research note from analyst Wamsi Mohan, BofA framed the opportunity around the concept that in an agentic environment - where autonomous AI assistants act on users' behalf - the bulk of value will flow to the platform that controls several elements of the user experience. As Mohan put it, "value accrues to the platform that controls user intent, personal context, app access, permissions, identity, authentication, payments, and trust." The description closely aligns with Apple’s existing footprint in hardware, software and identity management.
BofA argued that if AI assistants become the primary gateway for search, applications, commerce and payments, Apple could wield "meaningful leverage over model providers, app developers, merchants, advertisers, and payment networks." That leverage, the bank said, would be rooted in two technical strengths: Apple silicon and the iOS stack. Apple silicon, BofA noted, governs how much inference processing can be performed on device, while iOS determines whether AI agents can access user context, invoke apps and complete tasks in a trusted manner.
The bank set out five execution priorities for Apple, focused on turning Siri into an orchestration layer that can interpret intent, surface relevant context and complete workflows on the user’s behalf. The research note emphasized that execution on these priorities will be central to realizing the revenue potential BofA models.
On the financial side, BofA quantified the opportunity. The firm estimates that an agentic iteration of Siri could represent an incremental fiscal 2030 revenue opportunity of $15 billion to $30 billion in its base case, and $40 billion to $65 billion in a bull case. Those revenue ranges translate into as much as $2 of additional earnings per share in the scenarios BofA outlined.
BofA’s raise to a $380 target was underpinned by a valuation multiple of 37 times its calendar year 2027 EPS estimate of $10.29. The bank reiterated its Buy rating on Apple alongside the target increase.
The note places the locus of the agentic AI prize at the intersection of device-level processing, operating system control and the ability to marry identity and payments - areas where Apple already has established capabilities. Realization of the upside, however, depends on Apple executing the specific product and platform steps BofA highlights.