Apple gets a $360 price target from JP Morgan despite iPhone demand concerns

In a surprising turn of events, JP Morgan has lifted its price target for Apple stock by $20, or $20 to $360, despite recent concerns about iPhone demand. This move comes just a few days after Apple's shares took a dip following reports of potential production cuts for the iPhone 18 Pro and Pro Max models due to soft demand. The stock initially dropped nearly 2.5% in early trading, but has since recovered most of its losses and closed at $340.97.

According to a new investor note shared by JP Morgan, the reported production cuts align with Apple's typical production patterns and do not necessarily signal an unexpected drop in demand. The firm also points to Apple's staggered iPhone launch schedule, suggesting that the upcoming iPhone Duo could help offset any sales shortfall caused by the absence of the regular iPhone 18, which is expected to be released early next year.

Interestingly, a separate report from China's Securities Times claims that Apple has increased its iPhone Duo orders by 30%, with production for the rest of 2026 potentially reaching nearly 10 million units. Looking ahead to the December quarter, JP Morgan anticipates Apple to sell 8.5 million iPhone Duo units. The firm also projects a roughly 2% decline in iPhone revenue year-over-year, but a 2% increase in overall Apple revenue.

Despite these optimistic projections, JP Morgan still flags supply constraints and broader economic pressures that could impact consumer demand. The firm maintains its Overweight rating on Apple stock, raising the price target from $340 to $360.