Brief
JPMorgan lifts Apple price target to $360 despite iPhone demand worries
The investment bank kept its Overweight rating while projecting a modest dip in iPhone revenue.
By Felo News Desk · Published
JPMorgan raised its price target for Apple (AAPL) from $340 to $360, maintaining an Overweight rating, according to a note released on Oct. 12.
What happened
The bank said recent reports of Apple cutting component orders for the iPhone 18 Pro and Pro Max reflected normal production adjustments rather than a sudden demand slump. Apple’s shares recovered after an earlier dip, closing at $340.97.
What the reports add
JPMorgan expects the upcoming iPhone Duo, slated for an early‑next‑year launch, to offset the shortfall from the absent regular iPhone 18. It also cited a separate Chinese report that Apple increased iPhone Duo orders by 30%, potentially reaching 10 million units for the rest of 2026.
What was said
The bank’s note argued that iPhone revenue could fall about 2% year‑over‑year, while overall Apple revenue might rise 2%.
How it came about
Earlier coverage noted strong consumer interest in the iPhone 18 series, including resale surges in Dubai and queues in India, providing context for the current production adjustments.
Key facts
- JPMorgan raised Apple’s price target to $360 from $340. (9to5mac.com)
- Apple’s iPhone 18 Pro component cuts were described as routine. (9to5mac.com)
- JPMorgan projects a 2% decline in iPhone revenue but a 2% rise in overall revenue. (9to5mac.com)
- The iPhone Duo is expected to sell 8.5 million units in the December quarter. (9to5mac.com)
Sources
- [1] 9to5mac.com — originally reported as “Apple gets a $360 price target from JPMorgan despite iPhone demand concerns”
