BofA Sees 27.5% Upside for Apple Stock on Siri AI Shift, Reiterates $380 Target

For investors, Apple's WWDC 2026 wasn't just about software—it was a potential turning point for the world's most valuable public company. Bank of America's latest bull note suggests Wall Street may finally have a catalyst to break Apple out of its multi-year trading range: a Siri smart enough to push over a billion users toward new hardware. The $380 target implies a 27.5% jump from current levels, making it one of the most bullish calls on the Street and a bet that AI will deliver a genuine upgrade supercycle.

Bank of America analyst Wamsi Mohan has thrown his weight behind Apple's lagging Siri AI, reiterating a 'buy' rating and a $380 price target that signals a 27.5% upside from the June 22 share price of $298.01. The note, circulated on the heels of Apple's Worldwide Developers Conference (WWDC), argues that investors may be undervaluing the potential of the company's long-awaited Siri overhaul to trigger an iPhone upgrade supercycle. Apple's virtual assistant, once a pioneer, had become a competitive liability as rivals like Google, Microsoft, and Samsung embedded generative AI into their ecosystems. The WWDC showcase of Apple Intelligence and new Foundation Models attempts to close that gap, promising a Siri capable of complex reasoning, contextual understanding, and cross-app task execution—exactly the kind of utility that might finally convince the 1.3 billion-plus active iPhone users to upgrade.

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Bank of America analyst Wamsi Mohan has thrown his weight behind Apple's lagging Siri AI, reiterating a 'buy' rating and a $380 price target that signals a 27.5% upside from the June 22 share price of $298.01.

The market has been skeptical of AI hype since the initial surge in 2023-2024, demanding proof that features translate into sustained revenue rather than fleeting buzz. Apple faces a unique challenge: its premium hardware refresh cycles are elongated, with iPhone owners now holding onto devices for an average of 3.5 years, up from 2.5 a decade ago. A truly conversational Siri could change that calculus. If the new AI tools make older iPhones feel obsolete, the company could see a material reacceleration in unit sales—critical when iPhone revenue alone accounts for over half of Apple's total revenue. BofA's target implies a forward price-to-earnings multiple of roughly 32x, a premium that the bank believes is justified by a multi-year upgrade wave and potential services growth tied to AI integration.

Competitively, Apple's entrance is not too late; the generative AI assistant market is still nascent. Google's Gemini, Microsoft's Copilot, and Samsung's Galaxy AI have established early footholds but lack the deep integration and privacy-centric approach that Apple champions. By leveraging on-device processing through its custom silicon and Foundation Models, Apple can differentiate with a system-level AI that doesn't require cloud-dependent processing for every query. This could appeal to enterprise and privacy-conscious consumers, opening a parallel revenue stream from premium subscription tiers for AI services—a model already validated by ChatGPT Plus and Microsoft 365 Copilot. BofA's note explicitly highlights this Siri-as-platform thesis, suggesting the assistant could become the gateway to Apple's broader AI strategy across Vision Pro, Mac, and iPad.