Business · Markets · 3 hrs ago
JP Morgan rejects reports of weak iPhone 18 Pro demand and raises Apple target
JP Morgan has raised its target price for Apple shares to $360, up from $340.
The firm says reports that Apple is cutting orders because of weak iPhone 18 Pro demand are misleading.
Its analysts say the changes reflect routine production adjustments and a split iPhone launch, with a new base model expected in early 2027.
They believe iPhone 18 Pro demand is slightly higher than demand for the iPhone 17 Pro so far.
JP Morgan expects fewer iPhones to be sold in the December quarter, but says higher prices could still lift Apple’s revenue by about 2% from a year earlier.
It also predicts sales of around 8.5 million iPhone Duo units in that quarter, after the model goes on sale toward the end of October.
The firm says risks include economic pressures, competition and tariffs, as well as possible costs or distractions from acquisitions and the CEO transition.
JP Morgan rejected reports that demand for the iPhone 18 Pro is weak and raised its Apple price target by $20 to $360.
The firm said reported order cuts reflected typical annual production adjustments, not evidence of unusually low demand.
JP Morgan said demand for the iPhone 18 Pro was so far fractionally higher than for the iPhone 17 Pro.
It expects a temporary shortfall in iPhone sales because the 2026 launch was split, with the base model due in early 2027.
The firm forecasts Apple’s December-quarter revenue will rise about 2% year over year, despite iPhone revenue falling about 2%.
- Who
- JP Morgan analysts and Apple.
- What
- JP Morgan rejected reports of weak iPhone 18 Pro demand and raised its Apple price target to $360.
- When
- October 12, 2026.
- Where
- Not stated.
- Why
- JP Morgan said the reported cuts were typical production adjustments and argued investors should look beyond short-term effects of the split iPhone launch.
Reports of weak iPhone 18 Pro demand
JP Morgan
iPhone demand
Reports of weak iPhone 18 Pro demand
The reports said Apple was cutting orders because demand was low.
JP Morgan
JP Morgan said demand for the iPhone 18 Pro was not as low as reported and was fractionally higher than for the iPhone 17 Pro.
Meaning of reported order cuts
Reports of weak iPhone 18 Pro demand
The reports presented the cuts as a sign of weak demand.
JP Morgan
JP Morgan said they reflected typical annual production adjustments.
No direct quotes in the coverage so far.
JP Morgan lowered its Apple price target to $340 over concerns about supply constraints.
JP Morgan rejected reports of weak iPhone 18 Pro demand and raised its target to $360.
JP Morgan expected the iPhone Duo to go on sale.
The base iPhone model was expected to launch.
- Apple price target
- $360, raised by $20
- Previous target
- $340, set in July 2026
- iPhone Duo sales forecast
- Around 8.5 million units in the December quarter
- December-quarter iPhone revenue forecast
- Down around 2% year over year
- December-quarter Apple revenue forecast
- Up around 2% year over year
Sources
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