John Ternus's First iPhone Launch Prompted a Bank of America Price Target Cut. Is Apple Stock a Buy?
Apple stock just got a price target cut due to the memory processor crunch.
Overview
John Ternus recently hosted his first iPhone event as Apple (NASDAQ: AAPL) CEO, and following the debut of the new iPhone 18 Pro and Pro Max, as well as the company's first foldable iPhone Duo.
Bank of America analyst Wamsi Mohan reiterated his buy rating for Apple stock following the event, but cut his price target to $370, down from $380 previously.
Details
While Mohan is generally bullish on Apple, he said the iPhone 18 Pro and Pro Max weren't priced as high as he expected. That could mean more phones are sold, but at lower margins.
Source
Originally published at www.fool.com.
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