Apple: BofA still buy after iPhone 16

(CercleFinance.com) - Bank of America on Thursday renewed its buy recommendation and $265 price target on Apple, the day after the company unveiled a new entry-level iPhone.


The investment bank explains that the iPhone 16e will start at $599 and will be equipped with the first cellular modem designed by the American technology giant, dubbed the 'C1.'

Since the iPhone 16e shares a large number of features with its predecessor, the iPhone 16, BofA fears a possible 'cannibalization' between the two devices from the Californian group.

The New York firm believes, however, that Apple's switch to the use of in-house components such as the C1 should enable it to improve its profit margins over time.

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