Bank of America's Apple Shock: AI Delays & Tariffs Cause Price Target Slash!

Introduction: Overview of Bank of America's Decision

Bank of America's recent decision to lower Apple's price target to $240 has raised eyebrows across the financial world. This revision reflects the bank’s analysis of several pressing challenges facing Apple, including the escalating supply chain costs and the tariffs on Chinese imports that have been thrust upon the company. These factors have been compounded by delays in the much-anticipated launch of Apple Intelligence, which is expected to be a cornerstone in Apple's future innovation strategy. Despite these hurdles, Bank of America has maintained a 'buy' rating on Apple, signaling confidence in its long-term potential [source].

The decision comes against the backdrop of a significant drop in Apple's stock, which has already fallen by more than 18% in 2025. This decline is partially attributed to the tariffs imposed by the Trump administration on Chinese imports. Apple, heavily reliant on its Chinese supply chain for the manufacturing of products like the iPhone, faces increased costs that could either lead to higher product prices or thinner profit margins [source].

In terms of financial projections, Bank of America has adjusted its forecasts to reflect these challenges. The bank now expects an earnings per share (EPS) of $7.25 on revenues of $412 billion for 2025, and a further EPS of $7.82 on $440 billion in revenue for 2026. These figures highlight the anticipated impact of current supply chain and economic conditions on Apple's profitability over the coming years [source].

Despite these adjustments, Apple's strategic initiatives, particularly its advances in AI, are viewed as key areas that could drive future growth. However, the repeated delays in launching these innovations have been a significant factor in BofA's reevaluation. As Apple navigates these turbulent times, its ability to effectively manage supply chain issues while advancing its product offerings will be critical to maintaining investor confidence [source].

Factors Leading to Price Target Reduction

Bank of America's decision to reduce Apple's price target wasn't taken lightly, and several factors heavily influenced this adjustment. One of the primary reasons cited is the inflated supply chain costs resulting from ongoing global disruptions. As Apple relies extensively on a network of intricate supply chains spanning continents, any disruption can have significant financial repercussions. Additionally, economic strains such as tariffs on Chinese imports imposed by previous U.S. administrations have further exacerbated these costs. These tariffs not only increase the price of imported goods but also force companies like Apple to adjust their pricing strategies, often impacting consumer costs and market competitiveness .

Another critical element contributing to the price target revision is the delay in the release of Apple Intelligence, the company's ambitious venture into AI-enhanced functionalities. Originally expected to launch with the latest iPhone series, Apple Intelligence has faced several setbacks, preventing its timely market entry. As consumers increasingly demand advanced AI capabilities in tech devices, delays in this arena can adversely impact consumer perception and brand loyalty. Apple's operational efficiency in integrating AI seamlessly into their ecosystem remains crucial for sustaining customer interest and driving future upgrades. These delays signal operational challenges that require strategic adjustments to align with evolving tech trends .

Despite the reduction in price target, Bank of America continues to uphold a "buy" rating on Apple, underscoring its belief in the company's long-term growth potential. This confidence stems from Apple's diversified revenue streams and resilient product lines, including the high-margin Services division. While short-term pressures, such as increased manufacturing costs and the delayed AI rollout, create volatility, Apple still possesses significant strengths. These include strong sales from flagship products like iPhones and Macs, which remain popular across key markets. Furthermore, initiatives to mitigate tariff impacts, such as exploring manufacturing diversification, exhibit Apple's proactive strides toward long-term resilience .

Impact of Increased Supply Chain Costs and Tariffs

The impact of increased supply chain costs and tariffs on Apple's business is multifaceted, influencing both the company's financial performance and its strategic positioning. A significant driver in the reduction of Apple's stock target by Bank of America is attributed to these rising costs and trade barriers, particularly those associated with Chinese imports. As tariffs drive up the expenses related to manufacturing, organizations like Apple are compelled to reconsider their pricing strategies. These considerations could result in higher prices for consumers, especially in markets where Apple already holds a dominant position, potentially affecting demand adversely. This cyclical challenge underscores the necessity for Apple to foster alternative manufacturing partnerships beyond China to mitigate the effects of geopolitical tensions on its operations. Source.

Supply chain costs, elevated by tariffs and geopolitical uncertainties, can lead to profit margin squeezes as companies like Apple might either absorb these increased costs or pass them to consumers. With the U.S.-China trade tensions serving as a catalyst for these complications, Apple must navigate these challenges with strategic adjustments to its global supply chain operations. The potential future financial impact is indicated in BofA’s revised forecasts: an earnings per share (EPS) of $7.25 on revenue of $412 billion in 2025, contrasting with a projected EPS of $7.82 on $440 billion revenue in 2026. These statistics highlight the looming pressure on Apple's profitability margins if tariffs persist without effective counter-strategies being implemented. Source.

On the global stage, the uncertainties injected by tariffs and increased supply chain costs extend beyond the immediate financial metrics and necessitate a broader strategic response from Apple. As the company faces stiffer competition particularly from Chinese firms benefiting from less restrictive trade conditions, its strategic maneuvers will need to align both with regulatory landscapes and consumer expectations. These increased costs will pressure Apple to leverage its brand strength while possibly shifting more production to countries like India, where tariff exemptions could be negotiated more favorably. Ultimately, these adjustments are integral to sustaining its competitive edge and ensuring resilience against volatile international trade policies. Source.

The impact of tariffs, notably those introduced as part of U.S. trade policies with China, echoes across Apple's operational blueprint. These tariffs have cast shadows on stock performance, with Apple's market value seeing significant reductions in 2025, underscoring the urgent need for strategic adaptations. The option of accelerating production shifts to countries like India not only offers potential cost advantages but also aligns with Apple's long-term market expansion goals. Additionally, the push towards broader regional diversification could serve as a buffer against similar future trade disruptions, offering a strategic pivot point for Apple to maintain its market leadership. Source.

Delays in Apple Intelligence Release

Delays in the release of Apple Intelligence have raised significant concerns among investors and analysts alike, highlighting the intricacies of product development within one of the world's most valuable companies. The delay has been cited as a critical factor in Bank of America's decision to reduce Apple's price target from $250 to $240. This adjustment underscores the challenges Apple faces in integrating cutting-edge AI technology into its devices amidst complex global supply chain dynamics. The delayed rollout of Apple Intelligence means postponing the enhancements that could drive consumer upgrades, particularly in an era when AI capabilities are becoming increasingly central to user expectations and competitive differentiation.

The delay of Apple Intelligence is not just a technological hurdle but also a reflection of broader geopolitical and economic challenges. The impact of tariffs on Chinese imports has exacerbated supply chain costs, significantly affecting Apple's production expenses and timelines. These tariffs have been a pivotal factor, contributing over 18% to the decline in Apple's stock in 2025. As Apple heavily relies on Chinese manufacturing for products like the iPhone, the added cost pressures complicate its pricing strategies, potentially leading to higher consumer prices or reduced profit margins. These economic conditions have compounded the difficulty of releasing new technological advancements, such as Apple Intelligence, in a timely fashion.

Moreover, the postponement of Apple Intelligence's features, particularly in AI-enabled Siri, has major implications for Apple's product strategy. Analysts believe that these delays could negatively impact iPhone upgrade cycles, as consumers may hold off on purchasing new devices without substantial new features. The evolving competitive landscape, especially from Chinese smartphone manufacturers that are rapidly integrating AI capabilities, further intensifies the pressure on Apple to release its AI offerings effectively. Thus, the delay could affect Apple's market share, particularly in regions where cutting-edge technology is a primary purchasing determinant.

Interestingly, the delays may spur Apple to consider strategic adjustments, such as potentially increasing its focus on diversification to mitigate risk. Some analysts suggest that Apple could shift more production away from China, reducing its vulnerability to future tariff impacts. This move could not only alleviate some of the immediate financial pressures but also position Apple to be more agile in responding to geopolitical shifts. Additionally, by expanding the reach of its services business, Apple can offer high-margin, recurring revenue streams less directly affected by physical product delays. Despite the hiccup in AI development, these strategies might enable Apple to maintain a robust market presence while working towards releasing its much-anticipated Apple Intelligence.

Updated Revenue and EPS Projections for Apple

Apple's updated revenue and EPS projections come in the wake of significant macroeconomic challenges and technological delays. Bank of America has revised its earnings per share (EPS) projection for Apple to $7.25 on $412 billion in revenue for the fiscal year 2025, with a further projection of $7.82 EPS on $440 billion in revenue for 2026. These adjustments are attributed to increased costs from tariffs on Chinese imports and supply chain issues [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

The company's revised outlook is not only a reaction to external economic pressures but also internal product timeline adjustments. Apple has faced delays in launching its Apple Intelligence, which is expected to be a significant driver for the next wave of iPhone upgrades. These delays are one of the primary factors influencing revenue projections as they potentially hinder market competitiveness and innovation perception [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

Despite these challenges, Bank of America maintains a 'buy' rating on Apple, indicating confidence in the company's long-term potential. This confidence is supported by Apple's robust suite of products and services, which continue to drive substantial revenues. However, the revised projections underscore the pressure on Apple's management to mitigate supply chain cost increases and navigate the geopolitical landscape, particularly the tariffs that have been affecting profitability [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

The stock market has reacted to these updates, with Apple's stock declining more than 18% in the year 2025 alone, compounding investor concerns as tariffs continue to impose financial strain. As such, Apple's management is likely exploring strategic pivots, such as increasing the production of iPhones in countries outside of China, to potentially reduce tariff impacts and supply chain vulnerabilities [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

Overall, the updated projections highlight a cautious outlook for Apple's immediate future while pointing towards necessary innovation and strategic shifts to maintain its leading position in the global market. As the company adapts to these challenges, it maintains the opportunity to leverage its strong brand and resilient product ecosystem to continue delivering value to its shareholders [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

Effect of Tariffs on Apple's Stock Performance

The imposition of tariffs on Chinese imports by President Trump has significantly impacted Apple's supply chain, leading to increased costs for the company. Many of Apple's products, including its flagship iPhones, are manufactured in China, and the tariffs have resulted in higher manufacturing expenses. This increase in production costs has directly affected Apple's profitability, compelling the company to consider various mitigation strategies to cushion its bottom line against these additional expenses. As reported by CNBC, the effect of these tariffs has been so profound that Bank of America has adjusted Apple's stock price target to reflect concerns about these heightened expenses [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

Furthermore, the tariffs have had a noticeable effect on Apple's stock performance, contributing to an over 18% decline in 2025. This decline underscores the market's sensitivity to geopolitical tensions and trade policies, which can create volatility and uncertainty for publicly traded companies like Apple. The direct link between such international trade actions and Apple's stock valuation highlights how susceptible the company is to external economic factors beyond its control [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

Despite these challenges, Bank of America has maintained a "buy" rating for Apple, suggesting confidence in the company's underlying business model and long-term growth potential. However, the revised earnings projections—in which Bank of America predicts a narrower profit margin due to increased supply chain costs—reflect a tempered outlook for Apple’s financial performance. Specifically, BofA forecasts $7.25 earnings per share (EPS) on $412 billion in revenue for 2025, and $7.82 EPS on $440 billion in revenue for 2026. These estimates are indicative of the expected financial strain from tariffs but also the resilience of Apple's broader business strategy [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai_rollout.html).

In response to the challenges posed by the tariffs, Apple is likely to explore adjustments in its global manufacturing strategy to mitigate impact. By possibly increasing production in countries like India, Apple can reduce its dependency on Chinese manufacturing, thus diminishing the risk of tariff-related financial burdens. As mentioned by analysts, shifting production out of China could also open pathways to new tariff exemptions and better cost controls, helping Apple maintain its competitive edge in the international market [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

Additionally, while the delay in the release of Apple Intelligence has further complicated the company's stock performance, it is also seen as a temporary setback. Once launched, these AI-powered features are expected to revitalize Apple's product lineup and drive significant upgrades among users, thereby boosting sales. In the long-term, Apple's commitment to innovation and product excellence remains a critical pillar of its market strategy, promising potential recovery and growth beyond the current market turbulences [0](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html).

Current Status and Impact of Apple Intelligence Delays

The current status of Apple Intelligence has significantly impacted the company’s financial outlook, leading to a strategic reassessment from major financial institutions. The delayed release of Apple Intelligence, a much-anticipated AI enhancement for devices like the iPhone, has raised concerns among analysts about the potential for missed revenue opportunities. This delay has been a contributing factor in Bank of America's decision to lower Apple's price target. The release setback of this innovative feature means that Apple could lose competitive ground to rivals who are rapidly advancing in AI technologies, which is increasingly becoming a critical determining factor for consumers upgrading their smartphones. The delay not only affects Apple's revenue projections but also influences investor sentiment, impacting the stock market performance as seen in the stock's over 18% decline in 2025 .

Apart from delayed technology rollouts, Apple is navigating a challenging landscape marked by increased tariffs and supply chain bottlenecks. These factors have collectively heightened production costs, compelling the company to either absorb these costs or pass them onto consumers through price increases. Such economic pressures are cited in Bank of America's revised estimate that pegs Apple’s earnings per share at $7.25 on $412 billion revenue for 2025, outlining the substantial financial impact of these delays and tariffs . The cascading influence of these supply chain disruptions not only risks eroding profit margins but also places Apple at a strategic crossroads regarding international localization and diversification of production centers away from China.

Despite the challenges presented by the delayed rollout of Apple Intelligence, the market continues to view Apple with measured optimism. Investors are being advised to 'buy' Apple stock, a sentiment driven by the company's ability to generate strong recurring revenue through its high-margin Services business despite slowing hardware sales. The Services division’s robust performance provides a buffer against the cyclical downturns in hardware sales, showcasing a diversification strategy that many analysts find promising. This ongoing focus on expanding service offerings indicates a long-term commitment to stabilizing income amidst external economic pressures .

Bank of America's Ongoing 'Buy' Rating and Rationale

Bank of America's recent adjustment to Apple's price target, lowering it to $240, comes amidst a backdrop of economic uncertainties primarily driven by global trade tensions and internal manufacturing challenges. Despite these hurdles, the decision to uphold a 'Buy' rating illustrates the bank's confidence in Apple's long-term resilience and ability to navigate turbulent waters. The reduction stems from an anticipated increase in supply chain expenses, exacerbated by tariffs on Chinese imports, which inflate operational costs and compress profit margins. The compounded effect of these economic forces necessitates a recalibration in expectations, yet still affirms Apple's sturdy foundational business model that continues to attract investor faith .

A significant element in Bank of America's rationale for maintaining its 'Buy' rating on Apple lies in the company's innovative prowess and diverse revenue streams. Despite setbacks such as delayed launches of AI-driven technologies like Apple Intelligence, Apple's ongoing investment in new technologies and strategic market engagements continue to show promise. The Services segment, known for its high margins and recurring revenue, further steadies the company's financial outlook and sustains investor confidence even as global supply chain issues and competitive pressures from Chinese firms loom large. The resilience seen in Apple’s core product lines also contributes to Bank of America's optimistic stance, believing that Apple's strategy to offset immediate economic impacts will realign with steady growth .

Expert Opinions on Market Impacts and Strategies

The complexities of Apple’s current market challenges are a focal point for many experts, highlighting intricate relationships between economic policies and corporate strategies. The decision by Bank of America to lower Apple's price target by ten dollars, despite retaining a 'buy' rating, brings into sharp relief the multi-faceted impacts of ongoing tariffs and supply chain disruptions, both of which are compounded by delayed technological initiatives. These considerations have been echoed by both analysts and market watchers who are closely monitoring Apple’s adaptation strategies, particularly in response to the shifting trade landscape.

Wamsi Mohan from Bank of America sheds light on the balancing act faced by companies like Apple, where immediate financial pressures, such as increased costs due to tariffs and prolonged delays in technology rollouts like the Apple Intelligence, need to be weighed against longer-term strategic positioning ([CNBC](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html)). In Mohan’s analysis, while there is an opportunity for a temporary boost in iPhone sales as consumers preempt future tariff costs, the overarching concern remains the company's profit margins, which are expected to tighten due to unrelenting supply chain expenses ([CNBC](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html)).

Analysts concur that the delay in launching AI features like Siri significantly impacts Apple’s competitive edge, which is pivotal in driving iPhone upgrade cycles and maintaining its market lead ([Benzinga](https://www.benzinga.com/25/04/44985682/apples-ai-delays-rising-cost-pressures-trigger-price-target-cut-from-bank-of-america)). This delay places additional pressure on Apple to innovate at a pace that aligns with consumer expectations and market standards.

Moreover, the expert opinions underscore the broader implications of tariffs on Apple's pricing strategy. The looming threat of tariffs forces companies like Apple to consider adjusting their pricing models, potentially passing on increased production costs to consumers, which could result in fluctuating demand. Ming-Chi Kuo of TF International Securities proposes that Apple's move to increase production in India could mitigate some tariff impacts, granting potential tariff exemptions and thus stabilizing prices in certain markets ([TipRanks](https://www.tipranks.com/news/apple-stock-aapl-sinks-after-bofa-cuts-price-target-amid-new-tariffs)).

Expanding on Mitigation strategies, analysts note that Apple has several avenues available to counteract these pressures. Increased reliance on their high-margin services business is one such strategy, as it provides a buffer against profit-margin erosion from hardware sales. This dynamic is vital for Apple, as they adapt to an economic environment that presents both challenges and opportunities for growth in their services sector ([CNBC](https://www.cnbc.com/2025/04/24/bank-of-america-cuts-apple-price-target-on-tariff-hit-delayed-ai-rollout.html)).

Social and Political Implications of Tariffs

The imposition of tariffs has far-reaching social implications, particularly impacting consumer behavior and accessibility to products. For instance, increased tariffs on Chinese imports mean that companies like Apple may face higher production costs, which can trickle down to consumers through higher retail prices. This scenario could exacerbate existing disparities in access to technology, as high-priced devices become unaffordable for segments of the population, especially in developing countries where income levels are lower. In turn, this could affect Apple's market share and brand loyalty as consumers turn to more affordable alternatives offered by competitors.

Politically, tariffs can lead to intensified trade tensions between countries, as seen in the tariff disputes between the US and China. Such trade policies not only affect multinational corporations but also have broader implications for diplomatic relations. For Apple, which relies heavily on Chinese manufacturing, these tariffs underscore the vulnerability to geopolitical risks and highlight the necessity for a diversified supply chain strategy. The ripple effect of such trade policies can lead to disruptions in the global economy, affecting employment and growth prospects in industries reliant on international trade. Apple's current challenges reflect the broader political and economic implications of tariff impositions.

Socially, these economic pressures might influence consumer expectations and perceptions regarding innovation and value. The delay in the rollout of Apple Intelligence could lead consumers to reassess their loyalty to Apple, as they increasingly expect cutting-edge AI capabilities in new devices. This expectation, coupled with high product prices due to tariffs, may push consumers to seek alternatives that offer similar technological advancements at a lower cost. As technology continues to become more integral to everyday life, the social implications of these economic pressures influence not only consumer choice but also the pace and direction of technological innovation within the industry.

From a political standpoint, tariffs have the power to influence electoral politics and policy-making. As tariffs affect domestic production and employment rates, they become a hot topic in political debates, influencing voting behavior and party agendas. For companies like Apple, navigating these politically charged environments requires strategic planning and advocacy to ensure favorable business conditions. A failure to adequately adapt to these changes might not only impact corporate profits but also influence shareholder sentiment and investment decisions. The intricate relationship between policy, economics, and business strategies illustrates the complex political landscape companies must navigate in the global market.

Competitive Landscape: Challenges and Opportunities for Apple

Moreover, delays in the release of Apple Intelligence have dented investor expectations and consumer enthusiasm. As AI integration becomes increasingly pivotal in the tech industry, the postponement could affect Apple's ability to remain at the forefront of innovation . With competitors swiftly advancing in AI capabilities, Apple's market position could be challenged unless it accelerates its AI rollout and enhancements.

In addition to external pressures, Apple is navigating increased competition from Chinese smartphone manufacturers that offer competitive pricing and have been gaining market share rapidly . These companies benefit from lower production costs and fewer tariff-related barriers, which pose a direct threat to Apple's market share in both established and emerging markets. As a strategic response, Apple has offered discounts on iPhones and is expanding its portfolio to maintain its competitive edge .

Despite these challenges, there are opportunities that could bolster Apple's competitive stance. The expansion of Apple Intelligence to more languages and regions presents a significant opportunity for growth, allowing Apple to tap into diverse markets and enhance user engagement globally . If optimized, this expansion could counterbalance some of the setbacks caused by the AI rollout delays, boosting sales and reinforcing Apple's brand as a leader in innovative technology.

The evolving geopolitical climate, characterized by shifting trade relations and tariffs, necessitates strategic agility from Apple. By diversifying its supply chain and exploring new markets, Apple can mitigate some of the risks associated with its current manufacturing dependencies. This adaptability will be crucial in enhancing its resilience against external shocks and sustaining its growth trajectory amidst a competitive and volatile environment .

Conclusion: Navigating Future Uncertainties

As we close this discussion on the uncertainties facing Apple, it is evident that the challenges in the global tech landscape are shaping how investors and consumers perceive the future trajectory of tech giants like Apple. Bank of America's recent decision to slash Apple's price target, despite maintaining a 'buy' rating, reflects a precarious balance of faith in the company's resilience against immediate market realities. The intertwining factors of tariffs, supply chain pressures, and technological delays form a complex scenario where Apple's strategic pivots will be closely monitored by market watchers.

Moving forward, the growing adoption of Artificial Intelligence is set to be a defining factor in the industry, and Apple's delay in rolling out Apple Intelligence has placed them at a potential disadvantage in the competitive landscape. While the delay might affect short-term gains, it also presents an opportunity for recalibration and improvement. The long-term vision for Apple will likely involve aligning its AI capabilities with consumer expectations, leveraging its vast resources and innovative legacy to ensure sustained growth and market leadership. For more insights, Bank of America's analysis sheds light on how these changes could unfold.

The economic implications of increased tariffs are not to be underestimated. With the global supply chain increasingly vulnerable to political influences, companies like Apple are faced with the challenge of revising operational strategies, such as shifting manufacturing bases to evade prolonged tariff impacts. Such strategic adjustments will be necessary to buffer against margin erosions and meet earnings expectations in the coming years. The revised forecasts by Bank of America, with anticipated revenue and EPS figures for 2025 and 2026, underscore this point. Further details on this can be found in the full Bank of America's report.

In addition to its economic maneuvers, Apple's capacity to innovate in the face of stiff competition will be pivotal. The delay in their AI rollout might create a window for competitors, particularly those in China, to strengthen their foothold in the market. However, Apple's historical resilience and strong brand loyalty will be critical as they strive to counteract these pressures. Moreover, the potential expansion of Apple Intelligence to more languages and regions, expected later this year, could rejuvenate sales momentum, a fact that investors should watch closely. Explore these developments further in industry reports.

In conclusion, navigating the future amidst these uncertainties will require innovative thinking and strategic foresight from Apple's leadership. While the terrain is fraught with challenges, from geopolitical tensions affecting tariffs to the race for AI dominance, it also presents opportunities for transformation and diversification. Investors and stakeholders will need to stay informed and adaptable as Apple charts its path forward. This dynamic environment emphasizes the importance of strategic ingenuity and adaptability in thriving amidst adversities. For a comprehensive understanding of these trends, refer to Bank of America's forecast and expert analyses.