BofA drops Apple from its top list and cuts iPhone outlook to 247 million units
As seen on the 24/7 Wall St. homepage on October 30, 2026.
BofA's fiscal 2027 iPhone number now sits 13 million units below consensus, and the bank says the street is still underpricing what memory inflation does to Apple's margins.
BofA removes Apple $AAPL from its U.S. 1 List, cuts iPhone sales estimates & warns Wall St. is significantly underestimating the impact of rising memory prices on margins. “We lower our F27 iPhone est. by 9mn units to 247mn (vs. St at 260mn).” BofA estimates memory costs could
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Bank of America has removed Apple from its U.S. 1 List, a curated roster of the firm's highest-conviction buy ideas, while cutting its fiscal 2027 iPhone shipment estimate to 247 million units.
BofA warned that the street is significantly underestimating what rising memory costs will do to Apple's margins, a warning that carries real weight given how tightly iPhone profitability is tied to component pricing.
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With BofA's fiscal 2027 unit estimate now sitting 13 million units below consensus, the gap between the bank's view and the broader street is unusually wide. That kind of divergence on a name as widely held as Apple tends to prompt other analysts to revisit their own assumptions.
Investors who have been leaning on consensus models for their Apple positioning now have a prominent voice arguing those models are materially wrong. The margin pressure from memory inflation, if BofA's read proves correct, would hit earnings estimates downstream, making the next round of Apple guidance worth watching closely.
Mentioned: AAPL