Bank of America has raised its price target for Apple to $325, reflecting confidence in strong iPhone sales and service revenue growth ahead of the company’s Q2 earnings. In a related move, the bank boosted Eli Lilly's target to $1,294, signaling optimism for its performance. Conversely, BofA issued an 'Underperform' rating for Qualcomm with a $145 target and downgraded AstraZeneca from Buy to Underperform, highlighting challenges in the pharmaceutical sector amidst these optimistic adjustments.
“Bank of America raised its price target on Apple (AAPL) to $325 from $320 with a Buy rating, betting the Street is underestimating near-term results driven by iPhone sales strength and Services revenue growth ahead of Q2 earnings on April 30.”