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Since the start of the year, shares of Apple (AAPL) have remained relatively flat. However, with the company set to roll out earnings on April 30, Bank of America believes AAPL stock is poised to start ramping up ahead of the report.
According to analyst Wamsi Mohan, Apple is likely to post strong second-quarter results thanks to demand for the iPhone 17. “As we head into [Q2] earnings […] we see upside to Street estimates given continued strong sales of iPhone, double-digit growth in Services [revenues] and benefit from FX,” Mohan noted. The analyst pointed to upcoming catalysts including a new buyback authorization on the horizon, the upcoming Worldwide Developers Conference (WWDC) in June, and the "launch of a foldable iPhone in the fall [and] launch of an enhanced Siri with integration with Gemini AI, which can drive higher upgrades.”