BofA Securities reduced Apple's stock price target from $380 to $370 while maintaining its Buy rating on the company's shares.
The adjustment follows concerns that lower-than-expected pricing for new iPhones and rising component and memory costs could put pressure on profit margins.
BofA also lowered its 2027 earnings estimate for Apple to $9.98 per share from $10.32 per share, while maintaining its valuation multiple at 37 times projected earnings.