Bank of America lowered its fiscal 2027 iPhone shipment forecast for Apple by nine million units on October 30, 2026, while keeping its Buy rating and $370 price target on the stock.
The move trims expected unit volumes but leaves the bank's overall bullish stance on Apple intact. It's a split signal: fewer iPhones expected to move, but the same conviction on the shares.
What the cut covers
The revision applies to Apple's fiscal 2027, which begins in late 2026. Bank of America didn't tie the reduction to a single cause in the facts available, and the bank hasn't publicly detailed which iPhone models or regions account for the nine million units. The change is a forecast adjustment, not a reported change in Apple's own guidance or production plans.
Nine million units is a concrete number, but it lands in the context of a company that ships hundreds of millions of phones a year. The bank's decision to keep the $370 target suggests it sees the cut as a volume issue rather than a reason to rethink the investment case.
Why the rating stayed at Buy
Bank of America's $370 Buy rating is unchanged after the forecast cut. That's the part of the note that matters for anyone holding the stock: the bank adjusted its model without adjusting its view of the company's value.
The facts don't include the bank's rationale for separating the two. What's clear is that the shipment revision is a tactical update to a forecast, not a downgrade, and the bank's price target implies it still expects upside from current levels.
The Binance reference
The source material also references a Binance tokenized asset, though the details were truncated. That mention appears alongside the Apple forecast in the original material but isn't connected to the shipment cut in any way the facts support. Readers should treat the two as separate items.
What to watch
The next checkpoint is Apple's own reporting and any further revisions from Bank of America. If the bank's nine-million-unit cut is followed by similar moves from other analysts, it would signal a broader reassessment of fiscal 2027 demand. If it stands alone, it's a single bank's model adjustment.
Apple hasn't commented on the forecast change, and there's no indication yet whether the bank's revision reflects channel checks, supply chain data, or a demand assumption. The $370 target stays in place until the bank says otherwise.
