Apple stock rose 1.3% on Monday after Bank of America reported shorter iPhone 18 Pro delivery times compared to last year. The investment bank maintained its Buy rating and $370 price target on AAPL, even as shorter delivery times raised questions about demand for the premium smartphones. Apple shares are near a record high, although retail sentiment on Stocktwits is bearish, as the company prepares for iPhone Duo pre-orders later this week and a product event on Tuesday.
BofA Maintains Buy Rating as iPhone 18 Pro Delivery Times Shorten
Bank of America maintained its Buy rating and $370 price target on Apple shares after tracking delivery times for the iPhone 18 Pro and Pro Max. The investment bank found that delivery times were shorter than last year at the same point in the pre-order cycle. BofA tracked Apple's website and carrier websites for the information. The firm noted that Apple's supply chain was ramping up production for the Pro Max and the iPhone Duo, but cautioned that the company was entering a period of tougher year-over-year comparisons.
Apple Opens iPhone Duo Pre-Orders Oct. 16
Apple opened pre-orders for the iPhone 18 Pro and Pro Max on Sept. 12, with sales beginning Sept. 18. Apple will open pre-orders for the iPhone Duo on Oct. 16, with retail availability starting Oct. 23. BofA said investor attention is now likely to shift toward pre-orders for the iPhone Duo later this week, describing the launch as an important indicator of demand for premium devices.
Nikkei Reports Production Cuts for iPhone 18 Pro Models
Nikkei reported last week that Apple had asked suppliers to reduce component production for the new Pro models, a move attributed to weaker-than-expected demand. Reports of production adjustments have added to investor concerns.
Apple Stock Closes at $340.97, Near Record High
Apple shares have climbed sharply in recent months, hitting an all-time closing high of $345.34 on Sept. 22. The stock closed at $340.97 on Monday, up 1.3%, bringing its market capitalization close to $5 trillion. The rally has raised expectations for Apple's upcoming product cycle. AAPL stock is up 25.8% year to date as of the last close.
Apple Holds Welcome Home Event on Tuesday
Apple is set to hold its Welcome Home product event on Tuesday, where it is expected to unveil a new smart-home hub with a touchscreen, a refreshed HomePod mini and an updated Apple TV 4K. The devices are expected to feature improved connectivity and deeper integration with Siri's AI capabilities.
Stocktwits Sentiment Remains Bearish on AAPL
On Stocktwits, the retail sentiment for AAPL remained bearish for a second day. A trader said, "Don't panic sell. We just went in a little bit too early and didn't allow things to cool off first. Be patient and wait for it."
FAQ
What did Bank of America say about Apple stock on Monday?
Bank of America maintained its Buy rating and $370 price target on Apple shares after reporting that iPhone 18 Pro and Pro Max delivery times were shorter than last year at the same point in the pre-order cycle.
When will Apple open pre-orders for the iPhone Duo?
Apple will open pre-orders for the iPhone Duo on Oct. 16, with retail availability starting Oct. 23. Apple opened pre-orders for the iPhone 18 Pro and Pro Max on Sept. 12, with sales beginning Sept. 18.
What is Apple's stock performance year to date?
Apple stock closed at $340.97 on Monday, up 1.3%, and is up 25.8% year to date as of the last close. The stock hit an all-time closing high of $345.34 on Sept. 22.
