India, Sept. 10 -- BofA Securities has lowered its Apple stock price target to $370 from $380. The investment firm kept its Buy rating on Apple shares, meaning it still expects the stock to perform well despite the lower target.

The main reason for the lower target is Apple's iPhone pricing. BofA said the new iPhones are priced lower than it had expected. This could help Apple sell more iPhones, but it could also put pressure on the company's profit margins, as reported by Investing.com

Higher memory and component costs are another concern for Apple. If Apple sells more iPhones at lower prices while paying more for memory and other parts, the company could make less profit on each device.

BofA has also cut its 2027 earnings estimate fo...