BofA reiterates ‘Buy’ rating and $250 price target on Apple stock

Bank of America Research analyst Wamsi Mohan, in an August 25, 2025, research note, stated, “We expect the main feature to be the launch of a slim iPhone (iPhone 17 Air) to replace the current Plus model,” ahead of Apple’s event scheduled for September 9, 2025, at 10am PDT / 1pm EDT.
Mohan added, “While prior form factor changes have driven a meaningfully higher next iPhone cycle, in our opinion, investor expectations for the benefit from a thin phone are more tempered.”
Reiterating his buy rating and $250 price target, Mohan noted that Apple is expected to unveil the Apple Watch Series 11 and a new iPad mini, among other products, at the event.
He projects iPhone unit sales to grow 1% year-over-year in FY26 to 235 million units, describing this as “mostly in-line” with Wall Street’s estimate of 233 million.
“We expect the iPhone 17 line-up of four models (Pro, Pro Max, Air and base model) running on iOS 26,” Mohan said. “We expect the Air to be 5.55mm thick making it ultra-thin and light. It may have Apple’s in-house modem (similar to the iPhone 16e). Apple could also launch Apple Watch Series 11 and/or Ultra 3, and Airpods 3.”
MacDailyNews Take: Apple is currently less that $23 from that target. Way to go out on a limb there, Wamsi.

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