JPMorgan has maintained its Overweight rating on Apple stock, setting a price target of $360.00. The firm cited strong demand trends for the iPhone lineup, particularly the new iPhone Duo, which began pre-orders on Friday. Despite supply ramp challenges, the stock is trading near its 52-week high of $348.15, up 27% over the past six months. However, InvestingPro analysis suggests Apple is overvalued relative to its Fair Value.
Pre-orders for the iPhone Duo have already pushed delivery timelines into next year, leading analysts to revise volume projections down to 8-9 million units for 2026, from an initial estimate of 10 million. Current lead times indicate demand has surpassed these revised estimates. JPMorgan noted that it is still early for the foldable device, emphasizing the need for further observation.
Lead times for the Pro model showed a more measured normalization this week, with global moderation driven by China. Pro Max lead times have returned to levels seen last year, while the Pro model continues to track below. JPMorgan expressed optimism about the iPhone 18 cycle for fiscal year 2027, anticipating resilient volume demand and revenue growth driven by price and mix contributions.
Other recent analyst ratings on Apple have varied. UBS maintained a Neutral rating, citing concerns about iPhone demand and shorter wait times for the Pro model. KeyBanc kept an Underweight rating, noting strong initial interest in the iPhone 18. Bernstein SocGen Group reiterated an Outperform rating but warned about potential disappointments in gross margins. Evercore ISI also reiterated an Outperform rating, highlighting changes in iPhone 18 delivery times, particularly in China.