Bank of America is going bullish on Apple stock (NASDAQ: AAPL) as it reiterated the buy rating. The new target comes at a time when the tech giant surged more than 10 points on Monday’s trading session. It spiked close to 4.1% in the charts, reaching a yearly high of $270.

Apple Stock (AAPL) Gets a ‘Buy’ Target From Bank of America

According to a recent note from Bank of America Securities, Apple’s stock price could reach a high of $350. The previous target the leading bank wrote to clients was $325. BofA is confident that AAPL’s revenue growth is outpacing other global competitors in the industry.

Therefore, that’s an uptick and return on investment (ROI) of approximately 30% from its current price of $270. An investment of $1,000 could turn into $1,300 if the Bank of America’s forecast on Apple stock turns out to be accurate.

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The Bank of America Securities has also provided a downside scenario for Apple stock in the event of market turbulence. The least AAPL could fall is at the $205 range. That would be a loss of nearly 25% if the stock market heads south this year.

Apple stock remains in the spotlight, having risen by nearly 20% over the past year. After it crashed to the $170 mark during Trump’s Liberation Day, AAPL displayed remarkable price recovery. The tech giant was at the center of the trade wars, with its manufacturing units in China and India coming under pressure.

Both China and India now manufacture iPhones and remain a primary hub for production and assembling units. The note from BofA also highlighted Apple’s store revenue growth of 7% year-on-year, giving the stock a buy target. “Strong capital returns, eventually winner at AI at the edge and optionality from new products and markets,” read the note to clients.