11:20 AM EST, 02/19/2025 (MT Newswires) -- Apple's ( AAPL ) earnings per share could be negatively impacted by about 2% to 3% in certain tariff scenarios, BofA Securities said in a note emailed Wednesday.

The firm said it analyzed the impact on EPS if 10% tariffs are applied to all Apple ( AAPL ) products, where Apple ( AAPL ) keeps existing pricing in the US compared with raising prices.

BofA said it sees a $0.26 negative impact or about minus 3.1% in 2026 in a scenario where the company does not increase prices in the US, and an earnings impact of $0.21 or minus 2.4% if prices are raised by about 3%, assuming 5% fewer units are sold.

BofA said the company has the option to increase prices to help offset the effect of tariffs.

"If demand proves inelastic, the impact to Apple ( AAPL ) would be even smaller," BofA said. "Apple ( AAPL ) would need to raise prices [about] 9% to offset the impact of 10% tariffs (with 5% fewer units sold)."

BofA maintained its buy rating and $265 price objective on Apple ( AAPL ) stock.

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