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Bank of America reiterates Buy rating and maintains $380 price target for Apple, citing App Store AI app revenue growth
Bank of America analyst Wamsi Mohan reiterated his Buy rating on Apple and kept his $380 price target unchanged. The target represents approximately 23% upside from Apple's closing price of $309.38 on August 5. The analysis highlights the strong growth of AI applications on the App Store, with ChatGPT generating over $275 million in monthly App Store revenue in July 2026, and Apple collecting commissions from these growing revenues. Mohan expects Services revenue growth of approximately 10% year-over-year for fiscal fourth quarter 2026.
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