BofA Securities reiterated a Buy rating on Apple and a $380 price target, implying nearly 20% upside for AAPL stock, as CEO John Ternus takes charge in the Sept. 1 leadership transition. Analyst Wamsi Mohan expects Ternus to preserve much of the company’s core built during Tim Cook’s 15-year tenure, during which Apple’s market capitalization grew at roughly $32 million per hour to reach $4.5 trillion. BofA said strong capital returns support its Buy rating. The firm also expects Ternus to pursue edge AI (artificial intelligence processed near the device) by combining Apple silicon, privacy standards, operating systems and on-device processing. Despite investor concerns about Apple’s AI lag, BofA views the company’s personal context architecture and large installed base as long-term advantages. The analyst identified smart glasses, smart rings, camera-equipped AirPods, smart-home automation, virtual and physical personal assistants, and robotics as potential new product areas. AAPL was last down 0.11% in overnight trading, after gaining 16.55% year to date, 36.49% over the last year and 19.94% over six months; it closed Monday down 0.89% at $316.85. Benzinga’s Edge Stock Rankings showed strong short-, medium- and long-term price trends alongside a moderate growth score.