Investing.com -- Bank of America reiterated a Buy rating and $380 price target on Apple in a note Wednesday, pointing to a sharp jump in manufacturing purchase commitments that it reads as a sign of an iPhone production ramp and component stockpiling. BofA noted Apple added a new risk factor flagging exposure to component availability and computing constraints. Mohan highlighted continued strong capital returns, with Apple returning more than $29.8 billion to shareholders in the quarter, including $25.8 billion of buybacks and $4 billion in dividends. The analyst maintained his Buy rating on strong capital returns, Apple as an "eventual winner on AI at the edge," and optionality from new products. Related articlesApple's purchase commitments jump 28%; BofA sees iPhone ramp aheadBooking Holdings beats Q2 estimates on travel demand, shares popArista Networks stock leaps on strong Q2 beat and raised outlook