Investing.com -- Bank of America has raised its price target on Apple to $380 per share from $330, arguing that the shift toward agentic artificial intelligence could unlock a significant new revenue opportunity for the iPhone maker and drive the next meaningful re-rating of the stock.

In a note from analyst Wamsi Mohan, BofA said that in an agentic world, "value accrues to the platform that controls user intent, personal context, app access, permissions, identity, authentication, payments, and trust," a description that maps closely to Apple's existing position.

The firm explained that if AI assistants become the new front door to search, apps, commerce and payments, Apple should have "meaningful leverage over model providers, app developers, merchants, advertisers, and payment networks."

BofA stated that Apple's agentic AI moat stems from its silicon and iOS stack, with Apple silicon determining how much inference can happen locally and iOS controlling whether AI can access user context, call apps and complete tasks in a trusted way.

The firm outlined five priorities Apple needs to execute on, centered on evolving Siri into an orchestration layer capable of understanding intent, retrieving context and completing workflows.

The financial opportunity substantial, in BofA's view. The firm estimated that an agentic Siri could represent a $15 billion to $30 billion incremental fiscal 2030 revenue opportunity in the base case and $40 billion to $65 billion in the bull case, potentially adding up to $2 in incremental earnings per share.

BofA raised its price target to $380 based on 37 times its calendar year 2027 EPS estimate of $10.29, reiterating its Buy rating.