JPMorgan Cuts Apple Price Target Over iPhone 17 Demand Concerns

JPMorgan has lowered its price target for Apple stock, with analyst Samik Chatterjee citing a more cautious outlook on demand for the upcoming iPhone 17. In a note to investors today, the firm cut its target to $230 from $245, though it maintained its 'Overweight' rating.The note suggests that demand for the upcoming iPhone 17 lineup is likely to moderate, partly because of an expected pull-forward in consumer purchases ahead of anticipated tariff-led price increases. Smartphone subsidies in China are also thought to be contributing to this pull-forward effect. Chatterjee adds that the iPhone 17 lineup is expected to be a largely incremental update, which could also temper demand.JPMorgan's more bearish view on the iPhone 17 is paired with "unchanged expectations for a stronger cycle in iPhone 18 series," which the note ties to the launch of a foldable smartphone and "further progress in relation to AI features that have been long awaited and delayed." This leads to a moderated growth forecast for fiscal year 2026, which JPMorgan says will "set up for a stronger pace of revenue growth in FY27."Continue ReadingShare Article:Facebook, Twitter, LinkedIn, Reddit, EmailFollow iClarified:Facebook, Twitter, LinkedIn, Newsletter, App Store, YouTube

Jun 27, 2025 - 07:10

JPMorgan Cuts Apple Price Target Over iPhone 17 Demand Concerns

JPMorgan has lowered its price target for Apple stock, with analyst Samik Chatterjee citing a more cautious outlook on demand for the upcoming iPhone 17. In a note to investors today, the firm cut its target to $230 from $245, though it maintained its 'Overweight' rating.

The note suggests that demand for the upcoming iPhone 17 lineup is likely to moderate, partly because of an expected pull-forward in consumer purchases ahead of anticipated tariff-led price increases. Smartphone subsidies in China are also thought to be contributing to this pull-forward effect. Chatterjee adds that the iPhone 17 lineup is expected to be a largely incremental update, which could also temper demand.

JPMorgan's more bearish view on the iPhone 17 is paired with "unchanged expectations for a stronger cycle in iPhone 18 series," which the note ties to the launch of a foldable smartphone and "further progress in relation to AI features that have been long awaited and delayed." This leads to a moderated growth forecast for fiscal year 2026, which JPMorgan says will "set up for a stronger pace of revenue growth in FY27."

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