Apple Stock Drops 1.8% After JPMorgan Price Target Cut

Apple's stock price declined by 1.8% on Monday after JPMorgan Chase lowered its price target from $345.00 to $340.00. This is despite positive sentiment around Apple's recent quarterly earnings and revenue, which surpassed consensus estimates.

The iPhone maker reported a 16.4% year-over-year increase in revenue, with earnings per share of $2.02 beating analyst expectations by $0.13. However, analysts remain mixed on Apple's growth outlook and valuation, with some firms reiterating or raising targets while others have reduced theirs.

Memory-chip shortages are also expected to impact the company's costs during the September quarter, potentially pressuring hardware margins and product availability.