Bank of America has revised its price target for Apple (AAPL, Financial) from $250 to $240 ahead of the company's second-quarter earnings report. Analyst Wamsi Mohan slightly adjusted expectations for Apple's March and June quarter revenues. However, he cited increased costs due to a more complex supply chain brought on by tariff-related challenges as a factor in lowering revenue forecasts further. Additionally, the delayed launch of Apple's Siri AI version contributed to these adjustments.
The updated forecast suggests an annual earnings per share of $7.25 and revenue of $412 billion. Mohan's prediction includes the assumption that consumers will flock to Apple stores to make purchases before new tariffs take effect, although this trend is expected to weaken over time.
