BofA Expects Apple to Beat Estimates in Q3 Earnings

Bank of America reiterated its Buy rating on Apple (NASDAQ: AAPL) with a price target of $380 per share in a note on Monday, expecting the company to beat consensus in its fiscal third-quarter results. This will mark Tim Cook's last earnings call as CEO.

Rating Change

BofA did not change its rating but reaffirmed its Buy recommendation with a $380 price target, implying over 15% upside from the last closing price.

Analyst Rationale

Analysts believe Apple is well-positioned to deliver better-than-expected results due to:

• Strong iPhone sales, especially ahead of new model launches.
• Growth in the high-margin Services segment.
• Improved supply chain stability compared to prior years.

Context

The positive outlook comes as the market focuses on Apple's upcoming Q3 earnings release on July 30, with Tim Cook preparing to step down. Other analysts have mixed views, but most ratings remain positive.

What to Make of It

BofA's expectations reflect confidence in Apple's near-term performance, but investors should watch the official results and future guidance, especially amid the leadership transition.