Apple's iPhone Duo Delivery Times Stretch to 79 Days, BofA Reiterates Buy and $370 Target

Apple's new iPhone Duo remains in tight supply more than a week after launch, with global average delivery wait times at 79 days and shipments pushed to January 2027, BofA analyst Wamsi Mohan said Monday. Mohan reiterated a Buy rating on Apple (AAPL) and maintained a $370 price target. As of October 26, iPhone 18 Pro delivery times narrowed to 4 days from 8 a week earlier, while Pro Max held at 15 days, signaling uneven supply across the lineup. U.S. carrier wait times for the Duo rose to 57 days from 50, though carriers remain better supplied than Apple's website, which averaged 91 days. Store pickup reopened Saturday, October 24, but BofA found no available reservation slots. Mohan's outlook rests on a multiyear upgrade cycle, services growth, in-house chip margins, capital returns, and agentic AI potential. He projects EPS of $8.85 for fiscal 2026, $9.46 in 2027, and $10.91 in 2028. Risks include weak consumer spending, longer upgrade cycles, slower services growth, AI execution challenges, and tariffs.