The longer-term outlook for Apple looks increasingly difficult to navigate, according to Bank of America. The bank cut its price target to $240 per share from $250 ahead of the company’s fiscal second quarter earnings report due out May 1. The firm’s new forecast calls for 17% upside from Tuesday’s close. “We slightly increase our revenue estimates for the March and June quarters, while we lower our revenue estimates further out to adjust for higher costs of navigating a more complex supply chain and for delays in launching an AI enabled Siri,” analyst Wamsi Mohan wrote on Thursday, reiterating his b The analyst’s updated revenue forecasts revenue assume that consumers will rush to stores to beat pending tariffs. Longer-term, he expects the trend to fall off. AAPL YTD mountain Apple stock in 2025. Apple stock has plummeted more than 18% in 2025, outpacing the S & P 500’s 9% decline. The company has been under pressure due to President Donald Trump’s “reciprocal” tariffs, which largely take aim at China with a 145% duty on imports from Beijing. Apple manufactures key products like the iPhone in China. The company has also delayed the rollout of Apple Intelligence, its take on AI, several times. The rollout was initially expected alongside the launch of the iPhone 16 lineup in the fall of last year. The analyst said that “AI still remains a problem” for Apple, and he cut his 2026 full-year estimates as a result of the delay. For 2025, the Mohan now forecasts full-year earnings per share of $7.25 on revenue of $412 billion. That’s down from $7.30 and $411 billion. For 2026, Mohan expects revenue of $440 billion and $7.82 per share, down from $450 billion and $8.20. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!