Apple CEO John Ternus Has a Big AI Opportunity: BofA Sees ‘Device Dominance’ Ahead, Eyes Nearly 20% Upside for AAPL

Rishabh Mishra

Wed, September 2, 2026 at 10:30 PM GMT+3 4 min read

AAPL +1.00%

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Apple Inc. CEO John Ternus is positioned to secure the tech giant's "device dominance" as the artificial intelligence revolution accelerates, according to BofA Securities, which reiterated a Buy rating and a $380 price target, pointing to nearly 20% upside for AAPL stock.

Sustaining Apple's Core

BofA analyst Wamsi Mohan reaffirmed a highly positive outlook on Apple amid its Sept. 1 leadership transition. The research firm predicts Ternus will successfully preserve "much of the core of Apple" built during Tim Cook's 15-year tenure.

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Cook drove Apple's market capitalization growth at a rate of roughly $32 million per hour, helping to establish a $4.5 trillion institution. BofA emphasized that "strong capital returns support the reiterated Buy rating" as the new chief executive takes charge.

BofA on AAPL and Ternus

Expanding 'AI at the Edge'

While Cook transformed Apple into a cash-generating services powerhouse, Ternus is expected to push the company to become an eventual "winner at AI at the edge."

By leveraging Apple silicon, strict privacy standards, operating systems, and on-device processing, BofA believes Ternus can "cement Apple's device dominance in an AI-enabled era."

Although investors have heavily scrutinized Apple's perceived AI lag compared to rivals, BofA views the company's personal context architecture and vast installed base as formidable long-term assets.

Seeking 'New-Market Optionality'

To maintain historic growth momentum, the analyst note highlighted that "new products and markets provide optionality." Ternus, widely known as a "hardware guy," is anticipated to aggressively pivot the tech giant toward next-generation physical form factors.

BofA listed smart glasses, smart rings, camera-equipped AirPods, smart-home automation, and virtual and physical personal assistants—including robotics—as potential "incremental areas of focus" for the incoming CEO.

Photo courtesy: Shutterstock

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