Apple’s shares faced a small decline today as JPMorgan revised its price target, while still keeping its overall rating intact. Analyst Samik Chatterjee and his team have adjusted their forecasts for Apple’s medium-term revenue and profits, citing diminishing demand factors linked to the forthcoming iPhone 17 cycle.
### A 4.17% Decrease, But Rating Unchanged
Chatterjee has lowered his 12-month price target for Apple (AAPL) from $240 to $230, referencing subdued expectations for the iPhone 17, persistent macroeconomic difficulties, and a slower-than-expected advancement in Apple’s AI strategy to generate substantial returns. Nevertheless, the stock rating remains at “Overweight,” reflecting continued confidence in Apple’s long-term potential.
Chatterjee noted, “Our more pessimistic perspective regarding the volume outlook for iPhone 17 series aligns with our consistent expectations for a robust cycle in iPhone 18 series, especially with the introduction of a foldable smartphone and further development of AI features that have been long anticipated and postponed. (…) We project the iPhone 18 series will experience a more vigorous volume cycle, driven by significant updates in the products, including a foldable phone and enhanced AI-related functionalities.”
Reports suggest a slight decrease in consumer interest for upgrades this autumn, as earlier purchases this year—stimulated by expected tariff increases—likely brought demand forward. This pattern corresponds with recent projections, such as a Counterpoint report that highlighted early upgrade tendencies linked to pricing uncertainties during the US-China trade issues.
Analysts expect that short-term results will remain consistent, partly due to subsidies in China. However, JPMorgan forecasts slower growth in fiscal 2026, with considerable upside anticipated only by 2027, when Apple’s AI initiatives are expected to begin significantly influencing its financial outcomes.
As of today, Apple’s shares closed at $201, representing a slight decrease of 0.28%.
