An Apple Bull Trimmed Its Price Target on the Stock Today. Here’s Why.

One of Wall Street’s Apple bulls pared their optimism on the tech giant’s shares today. 

Bank of America analysts on Thursday maintained their “buy” rating on Apple (AAPL) stock, but they also trimmed their price target by $10, lowering it to $240. (That’s still above the Street’s mean near $234, according to Visible Alpha.) Their reasons: tariff-related costs that could weigh on margins, along with concerns that delayed AI features could dent device demand. 

The stock, meanwhile, was ticking higher as broader markets rose. Apple’s shares were recently up 0.6% to above $205. 

Apple is set to join the parade of Magnificent Seven tech companies to report earnings, with its next set of results due next Thursday after the closing bell. Bank of America expects some tariff-driven “pull forward” to have helped lift sales during the most recent quarter, but they’re cutting longer-term sales estimates “to adjust for higher costs of navigating a more complex supply chain and for delays in launching an AI enabled Siri.”

Apple’s shares are down about 18% so far this year, underperforming the benchmark S&P 500. Research firm Vanda earlier this week noted recent net selling of Apple by retail investors even as net buying continued elsewhere—such as shares of Tesla (TSLA) and Nvidia (NVDA). 

“Individuals continue to give off capitulation-lite signals, but a full-blown unwind remains moderately far on the horizon,” Vanda wrote in a Wednesday note.