BofA: Apple’s iPhone 16 to kick off software-driven upgrade cycle

BofA Securities analyst Wamsi Mohan on Thursday reiterated a “Buy” rating and $256 price target on Apple shares as he expects iPhone 16 to kick off software-driven upgrade cycle.

The analyst wrote in a note to clients:

Apple (AAPL) shares are up 15% YTD, and flat over the past 60 days as we head into Apple’s event entitled “It’s Glowtime,” scheduled for M…