Apple reportedly weighing the acquisition of Perplexity AI could mean a boost for the iPhone maker’s shares, according to Bank of America. “Any such deal (we do not have any direct knowledge of the probability of such a deal) would likely be positive for shares that are currently in the penalty box given Apple is largely viewed as an AI laggard (deep Siri integration delayed and no cutting edge models),” wrote analyst Wamsi Mohan, who maintained his buy rating on Apple. His $235 price target also implies more than 16% upside from Monday’s close. “Perplexity AI could address some of key issues including quick access to a voice assistant (better than Siri) and could be a hedge to the risk of having Google as a default search engine,” he continued. The analyst’s comments come after Bloomberg, citing people familiar with the matter, reported Friday that Apple executives have held internal discussions about buying the artificial intelligence startup. The report said Apple executives have not discussed a potential bid with Perplexity management, however. Meanwhile, Apple shares have struggled in recent months. They have fallen more than 22% over the past six months and about 20% in 2025, significantly underperforming the broader market. AAPL 6M mountain AAPL, 6-month Wamsi said any positive developments related to AI initiatives in the near term would be positive for the stock and could lead to multiple expansion. If any deal were to come to fruition, it would mark the largest acquisition ever for Apple, which “itself creates some risk,” he wrote. Risks include those associated with regulation, talent retention and integration as a result of merging the technologies, among others, he said. Apple could also pursue a partnership with Perplexity AI rather than a complete takeover, Wamsi proposed. However, while this option might be a “more balanced approach,” it may not spur the same level of multiple expansion for the stock, he noted. On Tuesday, shares were marginally lower in morning trading, reversing the gains the stock posted in the previous session on the heels of the acquisition report.
