Here's Why BofA Remained Bullish On Apple - Apple (NASDAQ:AAPL)

Some reports suggested Apple Inc AAPL looked to slash iPhone and AirPods production over the Ukraine war and inflation, but analysts called it a rumor.
However, BofA defended the tech giant, noting demand is "strong," citing lower trade-in prices for old iPhones.
Apple lowered trade-in values for some iPhone models after the $429 iPhone SE launch in early March.
Also Read: Apple iPhones Led Smartphone Sales As 5G Handsets Formed Over 50% Of Sales, Falling Chip Prices Are Making 5G Phones More Affordable: WSJ
The iPhone 12 Pro Max, the newest model available for trade-in, is now worth $650 versus $700 before the launch.
Analyst Wamsi Mohan has a Buy and a $215 price target on Apple. It implies an upside of 20.1%.
Apple's trade-in values are less than third parties in the U.S. and U.K., and its recent cut in trade-in prices in both countries and China signified strong demand.
Apple no longer needs to pay as much to convince people to trade in older iPhones for new models.
China's old iPhone users were the target audience for the iPhone SE.
Apple could benefit from increasing the installed base of iPhones, monetizing the same to improve services revenue.
Separately, Wamsi saw minimal impact from China's shutdowns.
Price Action: AAPL shares traded lower by 0.67% at $177.78 on the last check Wednesday.