BofA says Apple's WWDC Siri overhaul is a 'material positive reset' for AI ambitions, raising its price target to $350 and citing a potential iPhone upgrade cycle.
Apple's (AAPL) annual developer conference earlier this month is a "material positive reset" for its artificial intelligence ambitions, Bank of America said. The upgrade to Siri, which now functions as a context-aware, cross-app assistant powered by AFM 3 hybrid compute, shifts the stock's narrative from playing catch-up to having a credible on-device AI strategy, the firm argued.
BofA reiterated a Buy rating on Apple and raised its price target to $350 from $330, citing the WWDC announcements as a catalyst that could re-rate the stock. The analyst noted that the new Siri can process requests across multiple apps while maintaining context between tasks. It runs inference locally via the AFM 3 model, reducing latency and privacy concerns compared with cloud-only competitors.
The upgrade addresses a key investor worry: that Apple had fallen behind in the AI race. Competitors like Microsoft and Google have shipped generative AI features for over a year. Apple's approach keeps the user on-device for most queries, only routing complex requests to the cloud. That hybrid model could appeal to enterprise and privacy-conscious users, BofA said.
Apple shares rose 2.1% on the day of the keynote and have added another 1.8% since, outpacing the Nasdaq's 0.9% gain over the same period. The stock now trades at $300.81, up 0.94% on the session. The Alpha Score sits at 51 out of 100, a Mixed reading that reflects balanced momentum and valuation signals.
The conference also included updates to iOS, iPadOS, and macOS. The Siri overhaul drew the most attention from sell-side analysts. Several firms published notes highlighting the potential for an iPhone upgrade cycle if the new assistant drives meaningful utility gains. BofA estimates that a 10% upgrade acceleration would add roughly $15 billion to Apple's annual revenue.
Apple's stock page on AlphaScala shows the stock carrying a Technology sector label with a current price near $300. BofA's revised target of $350 implies roughly 16% upside from that level.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.