Bank of America Holds Buy and $370 Target on AAPL as Shares Fall About 2 Percent
Bank of America analyst Wamsi Mohan kept a Buy rating and a $370 target on Apple, yet AAPL fell roughly 2% as he warned Meta's Muse AI agent could hollow out App Store revenue.
Why it matters
Mohan is pointing at Apple's services revenue, the margin engine the report says the company has leaned on for two years, and argues an AI shopping agent rather than device demand is the structural threat. No company response or second-outlet confirmation is on record, so the claim about App Store revenue erosion remains one analyst's view carried by one outlet.
Key facts
Bank of America analyst Wamsi Mohan kept his Buy rating on AAPL this week.
Reported by Blockchain.News
Mohan held a $370 price target on AAPL.
370 USDReported by Blockchain.News
AAPL shares slid roughly 2% after Mohan's note landed.
2 %Reported by Blockchain.News
Meta's Muse AI agent is already partnered with Shopify, Expedia and PayPal.
Reported by Blockchain.News
AAPL traded at $333.33 heading into October 1.
333.33 USDReported by Blockchain.News
AAPL's all-time intraday high is $345.34, about $12 above the price heading into October 1.
345.34 USDReported by Blockchain.News
Tokenized AAPL shares on Binance traded between $329.16 and $339.68 over 24 hours.
329.16 USDReported by Blockchain.News
AAPL was trading below its 7-day simple moving average of $336.99.
336.99 USDReported by Blockchain.News
What happened
Blockchain.News reports that Bank of America analyst Wamsi Mohan maintained his Buy rating and a $370 price target on Apple this week, and that AAPL shares still slid roughly 2% after the note landed. Mohan framed the risk around who controls routing economics: Meta's Muse AI agent, which the same report says is already partnered with Shopify, Expedia and PayPal, could become the decision layer between consumers and purchases and hollow out Apple's App Store and search-referral revenue over time even if iPhone market share holds. The report put AAPL at $333.33 heading into October 1, roughly $12 below its all-time intraday high of $345.34, and said tokenized shares on Binance traded in a 24-hour range of $329.16 to $339.68. It also said AAPL sits below its 7-day simple moving average of $336.99. Only Blockchain.News has covered this, so the analyst's argument, the routing threat he describes and every figure above rest on a single report.
How the story developed
- First report
First report by Blockchain.News
AAPL Price Prediction: Bulls Are Stalling at $339 — Here's What Breaks the Deadlock
- Update
Wamsi Mohan keeps Buy rating and $370 target on Apple while shares fall
Bank of America analyst Wamsi Mohan held his Buy rating and $370 price target on AAPL, and the shares dropped roughly 2% after the note.
- Update
Mohan raises AI shopping agents as the risk to Apple's services revenue
The same report says Mohan warned that Meta's Muse AI agent could become the decision layer between consumers and purchases and erode App Store and search-referral revenue even with iPhone share intact.
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Blockchain.News Crypto media | AAPL Price Prediction: Bulls Are Stalling at $339 — Here's What Breaks the Deadlock | Original |
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