Apple Sees Temporary Demand Lift From Tariffs, Long-Term EPS Growth at Risk, BofA Says

MT Newswires Live

Apr 24, 2025

Apple (AAPL) is seeing a temporary increase in demand driven by tariffs as buyers look to get ahead of potential cost increases, but the long-term impact includes higher costs and a more complex supply chain that limits earnings per share growth, BofA Securities said in a note Thursday.

The firm said it is cutting unit estimates for the iPhone and revising down fiscal 2026 forecasts as delays in launching AI features are expected to reduce the appeal.

A weaker dollar is anticipated to support revenue and margin improvements starting in the June quarter, while demand for wearables may moderate due to economic sensitivity, according to the note.

"The launch of a slim iPhone 'Air' in September 2025 and a potential foldable iPhone in September 2026 should spur some form factor-based replacement demand," BofA added.

The firm reduced its price objective on Apple's stock to $240 from $250 and maintained a buy rating.

Price: 205.55, Change: +0.95, Percent Change: +0.46

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