Apple’s stock took a minor confidence hit today, as JPMorgan lowered its price target, though the firm kept its overall rating intact.The adjustment comes as analyst Samik Chatterjee and his team dial back expectations for Apple’s medium-term revenue and earnings, citing weakening demand drivers tied to the upcoming iPhone 17 cycle.Here are the details.
A 4.17% reduction, but with no change in rating Chatterjee cut his 12-month price target for AAPL from $240 to $230, citing weaker iPhone 17 expectations, ongoing macroeconomic headwinds, and a slower-than-expected path for Apple’s AI strategy to deliver meaningful returns.Still, the overall stock rating was kept at “Overweight”, which suggests the firm remains optimistic about Apple’s longer-term roadmap.Here’s Chatterjee: As reported by , the note also pointed to a modest pullback in consumer appetite for upgrades this fall, as purchases earlier this year (spurred by anticipated tariff hikes) likely pulled demand forward.
That dynamic tracks with other recent forecasts, including a recent Counterpoint report pointing to early upgrade behavior linked to the pricing uncertainty in the height of the US-China trade tensions.Finally, the analysts still expect near-term results to hold up, thanks in part to subsidies in China.But ultimately, JPMorgan now sees slower growth in fiscal 2026, with stronger upside only kicking in by 2027, when Apple’s AI investments are expected to start contributing meaningfully to its bottom line.
Apple’s stock closed today at $201, slightly down at -0.28%.Best AirPods deals on Amazon AirPods Pro 2, USB-C Charging: 20% off at $199 AirPods (3rd Generation): 19% off at $136 AirPods 4, USB-C and Wireless Charging: 11% off at $158 AirPods 4 USB-C Charging: 8% off at $119 AirPods Max Wireless, USB-C: at $549 You’re reading 9to5Mac — experts who break news about Apple and its surrounding ecosystem, day after day.Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop.
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