Jefferies Raises Tesla Target to $375; BofA Reiterates Apple Buy
Jefferies nudged its Tesla price target up to $375 while flagging a structural risk from SpaceX merger speculation. BofA held firm on Apple with a $380 target, calling a redesigned Siri an underappreciated AI asset.
On June 22, two Wall Street firms updated their views on major tech stocks: Jefferies raised Tesla's (TSLA) price target from $350 to $375 while maintaining a Hold, and BofA reiterated its Buy rating on Apple (AAPL) with a $380 target.
- Tesla: Jefferies target $350 → $375, Hold maintained
- Tesla risk: SpaceX merger speculation could cause TSLA to trade like a SpaceX proxy/tracking stock
- Apple: BofA reiterates Buy with $380 target
- Apple thesis: Redesigned Siri seen as an underappreciated AI asset
- Price: Apple trading around $299 intraday Monday, up ~10% YTD
On June 22, several Wall Street firms refreshed their views on large-cap tech, with reports on Tesla (TSLA) and Apple (AAPL) drawing the most attention.
Jefferies Raises Tesla Target, Flags a Structural Risk
Per MarketScreener and MarketBeat, Jefferies lifted its Tesla price target from $350 to $375 in a June 22 note, while keeping its Hold rating intact.[MarketScreener]
Alongside the target bump, Jefferies flagged what it sees as an emerging shareholder risk: expectations of a future Tesla–SpaceX merger could cause TSLA to trade increasingly like a SpaceX proxy. According to Yahoo Finance, the firm said that "widespread expectations that a merger is the next step and imminent could cause TSLA to become a tracking stock as shareholders seek to reduce their dilution."[Yahoo Finance]
BofA Reiterates Apple Buy, Calls Siri the Sleeper AI Asset
According to TheStreet, Bank of America reiterated its Buy rating on Apple with a $380 price target, citing the company's capital return program, its potential edge-AI leadership, and opportunities from new products and markets.[TheStreet] BofA characterized Apple's WWDC 2026 announcements as a "materially positive reset" for its AI strategy.
The firm zeroed in on a redesigned Siri as a key driver. Apple has repositioned the assistant as a multimodal agent capable of understanding personal context, on-screen content, and broader world knowledge — and able to take actions across apps and devices. BofA analyst Mohan estimates that if Siri is successfully recast as a true agentic assistant, it could generate roughly $15–30 billion in incremental revenue by fiscal 2030 in a base adoption scenario, rising to approximately $40–65 billion under wider adoption.[TheStreet] These are analyst estimates under specific assumptions — not Apple-issued guidance.
Stock Price and Market Context
Apple was trading around $299 at midday on June 22, up roughly 10% YTD, per TheStreet.[TheStreet] Broader markets pulled back that day, with the S&P 500 closing down ~0.37% at 7,472.79 and the Nasdaq Composite off ~1.32% at 26,166.60.
The two reports arrived at different conclusions for different reasons: one focused on trading-structure risk tied to Tesla's relationship with SpaceX, the other on Apple's potential AI revenue runway. Whether Siri's revamp gains traction — and whether the Tesla–SpaceX story develops further — are the threads worth watching.
Sources
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