Apple's 'Agentic AI Moat' Drives BofA Upgrade to $380 Target

Bank of America upgraded Apple (AAPL) to a $380 price target on May 26, 2026, saying the company's control of its hardware-software ecosystem creates an "agentic AI moat" despite its perceived lag in artificial intelligence. Analyst Wamsi Mohan maintained a buy rating, citing 20% upside from current levels. Mohan argues that as AI agents become the new entry point for search, commerce, and payments, the iPhone's role as a trusted platform with access to user context, apps, identity, and payment networks gives Apple significant leverage over model providers and developers—even if it lacks the most advanced proprietary model. Apple plans to unveil a more agent-like Siri at its Worldwide Developers Conference on June 8. The Mac mini and Mac Studio already face supply shortages as customers recognize their value as AI agent platforms, CEO Tim Cook said on the last earnings call, noting demand outpaced supply with balance not expected for months.