Investors are getting it wrong about Apple — again, Bank of America says

Investors are again underestimating Apple's gross profit margins, according to Bank of America. "In our opinion, the Street continues to underestimate the long-term gross margin potential for Apple across both Products and Services yet again, where we see about 180bps of Product gross margin upside and about 150bps of Services margins upside over the next few years," wrote analyst Wamsi Mohan in a Thursday note, referring to basis points, or 1/100th of a percent.

mountain Shares this year The same thing has happened before with Apple. Mohan noted that in 2018 Wall Street modeled gross margins at 39% for 2023. In actuality, the company exceeded those expectations, reporting 44% gross margins last year. Bank of America's assessment comes amid a rough patch for iPhone and iPad maker.

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