JP Morgan Lifts Apple Target to $360, Downplays iPhone 18 Pro Cuts
JP Morgan raised its Apple price target from $340 to $360 and said reported iPhone 18 Pro production cuts match Apple's usual production patterns.
JP Morgan raised its price target on Apple from $340 to $360 on October 12, 2026, keeping an Overweight rating on the stock, according to 9to5mac.com.
The bank said reported production cuts for the iPhone 18 Pro and iPhone 18 Pro Max are consistent with Apple's usual production patterns and do not necessarily point to an unexpected drop in demand.
JP Morgan expects the iPhone Duo to offset sales lost from the absence of the regular iPhone 18, which is expected to launch early next year. The bank forecasts Apple will sell 8.5 million iPhone Duo units in the December quarter.
It projects a roughly 2% year-over-year decline in iPhone revenue but a 2% increase in Apple's overall revenue. Apple shares closed at $340.97.
Background
Last Friday, Nikkei Asia reported that Apple told select suppliers to cut component production for the iPhone 18 Pro and iPhone 18 Pro Max due to soft demand, sending Apple shares down roughly 2.5% in early trading before the stock recovered much of that loss. Earlier on October 12, a report from China's Securities Times claimed Apple had increased its iPhone Duo orders by 30%, potentially bringing production for the remainder of 2026 close to 10 million units.
Quick answers
What is JP Morgan's new Apple price target?
$360, up from $340. JP Morgan kept an Overweight rating on the stock.
Why did Apple shares fall last week?
Nikkei Asia reported that Apple asked select suppliers to cut component production for the iPhone 18 Pro and iPhone 18 Pro Max due to soft demand. Shares fell roughly 2.5% in early trading before recovering much of the loss.
How many iPhone Duo units does JP Morgan expect Apple to sell in the December quarter?
8.5 million units.