This article first appeared on GuruFocus.

Bank of America kept its Buy rating on Apple (NASDAQ:AAPL) after CEO John Ternus delivered his first product event, but lowered its price objective as softer-than-expected pricing threatened margins.

The bank reduced its Apple target to $370 from $380. From the referenced share price of $315.34, the new objective implies approximately 17% upside.

Analysts said the foldable iPhone Duo stole the show, introducing Apple’s most meaningful form-factor change in years. Its folding display supports iPad-like productivity, while planned Pencil compatibility, FaceTime dual capture and optimized apps could help the device become mainstream.…