BofA says the firm’s analysis of teardowns of Apple’s (AAPL) iPhone 16 Pro Max and comparison to 15 Pro Max suggests that Apple has been very focused on driving lower costs across the Pro lines, where the mix of the iPhones is steadily increasing. Based on third party teardowns, BofA estimates the total cost to manufacture iPhone 16 Pro max is 5% less than the iPhone 15 Pro Max, which adds 320 basis points to iPhone 16 Pro Max gross margins, all else equal, the analyst tells investors. BofA maintains a Buy rating and $256 price target on Apple shares.
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