JPMorgan raised its Apple target to $360 from $340 while cutting near-term iPhone estimates and expressing more confidence in iPhone growth for fiscal 2027 and 2028.
JPMorgan analyst Samik Chatterjee made the change Oct. 12. The bank kept its Overweight rating on Apple.
In its research, JPMorgan linked the lower near-term estimates to a change in when iPhone revenue tends to come through and supplier plans for smaller volumes. The bank viewed those as short-term factors and expressed greater confidence in iPhone growth for fiscal 2027 and 2028.
