Apple Inc. (NASDAQ:AAPL) CEO John Ternus is positioned to secure the tech giant’s “device dominance” as the artificial intelligence revolution accelerates, according to BofA Securities, which reiterated a Buy rating and a $380 price target, pointing to nearly 20% upside for AAPL stock.
Sustaining Apple’s Core
BofA analyst Wamsi Mohan reaffirmed a highly positive outlook on Apple amid its Sept. 1 leadership transition. The research firm predicts Ternus will successfully preserve “much of the core of Apple” built during Tim Cook’s 15-year tenure.
Cook drove Apple’s market capitalization growth at a rate of roughly $32 million per hour, helping to establish a $4.5 trillion institution. BofA emphasized that “strong capital returns support the reiterated Buy rating” as the new chief executive takes charge.
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Expanding ‘AI at the Edge’
While Cook transformed Apple into a cash-generating services powerhouse, Ternus is expected to push the company to become an eventual “winner at AI at the edge.”
By leveraging Apple silicon, strict privacy standards, operating systems, and on-device processing, BofA believes Ternus can “cement Apple’s device dominance in an AI-enabled era.”
Although investors have heavily scrutinized Apple’s perceived AI lag compared to rivals, BofA views the company’s personal context architecture and vast installed base as formidable long-term assets.
Seeking ‘New-Market Optionality’
To maintain historic growth momentum, the analyst note highlighted that “new products and markets provide optionality.” Ternus, widely known as a “hardware guy,” is anticipated to aggressively pivot the tech giant toward next-generation physical form factors.
BofA listed smart glasses, smart rings, camera-equipped AirPods, smart-home automation, and virtual and physical personal assistants—including robotics—as potential “incremental areas of focus” for the incoming CEO.
How Has Apple Performed in 2026?
Price Action: At the last check, the AAPL stock was trading 0.11% lower in overnight trading. It was up 16.55% year-to-date, advancing by 36.49% over the last year, and rose 19.94% over the last six months. It closed 0.89% lower at $316.85 per share on Monday.
Benzinga’s Edge Stock Rankings indicate that AAPL maintains a strong price trend in the short, long, and medium terms, with a moderate growth score.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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