Bank of America raised Apple's price target to $380 from $330, betting that "agentic AI" could become the company's next major growth engine beyond iPhone features. The firm believes Wall Street continues to underestimate Apple's AI revenue potential across its ecosystem, with analyst Wamsi Mohan maintaining a Buy rating on the stock.

The projection suggests Apple could generate between $15 billion and $30 billion in AI-related revenue by fiscal 2030 through its own offerings and App Store commissions. This bullish outlook follows Bank of America's previous reduction to $320 in March 2026 over concerns about iPhone launch timing and shifting revenue seasonality, though they maintained confidence in AI as a long-term growth driver.

Apple's AI strategy focuses on private, on-device processing and tight integration across its ecosystem, positioning itself as a platform rather than just building standalone chatbot features. The company hasn't detailed specific long-term revenue expectations for Apple Intelligence but is expected to reveal additional AI capabilities during its developer conference in June 2026.