Apple shipment forecast cut by 9 million units; Bank of America maintains $370 price target
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Bank of America maintained its Buy rating and $370 price target on Apple ($AAPL) while cutting its FY2027 iPhone shipment forecast by 9 million units to 247 million, below the market consensus of 260 million, according to an October 30 client note cited by Seeking Alpha. Analyst Wamsi Mohan characterized the margin pressure as temporary, modeling improved margins from late FY2027 into FY2028, with the note pointing to staggered product rollouts and component cost increases offset by price hikes. The trimmed shipment outlook signals softer iPhone volume expectations even as the bank remains constructive on profitability, making future updates to consensus shipment estimates and Apple's pricing actions against rising component costs key items to watch.
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Apple (AAPL), Bank of America (BAC), Wamsi Mohan
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