BofA cuts Apple PT on wider tariff uncertainty and AI-enabled Siri delay

BofA Global Research cuts iPhone maker Apple's AAPL.O PT to $240 from $250, maintains "buy" rating

Brokerage says it has cut revenue and EPS estimates beyond the June quarters for AAPL due to uncertainty surrounding tariffs and delays in launching AI-enabled Siri, Apple's voice assistant

However, brokerage expects a weaker dollar to help drive Apple's revenue and margins

New PT still implies 14.7% upside to the stock's last close

Apple's stock faces downside risks from weaker iPhone sales, declining services revenue, and gross profit decline, as well as a stronger dollar, antitrust lawsuits, and trade conflicts, which could collectively threaten its growth prospects, says BofA

Including session's moves, AAPL stock down 17.8% YTD