Just days after Apple’s stock took a hit over reports of iPhone 18 Pro production cuts, JP Morgan has raised its AAPL price target by $20. Here are the details.
iPhone Duo to help offset staggered release window
Last Friday, Nikkei Asia reported that, according to “multiple people familiar with the matter,” Apple had told select suppliers to cut component production for the iPhone 18 Pro and the iPhone 18 Pro Max due to “soft demand.”
The report sent Apple shares down roughly 2.5% in early trading, although the stock has recovered much of that loss and closed at $340.97 today.
That said, JP Morgan released a new investor note today (via AppleInsider), arguing that the reported cuts are consistent with Apple’s usual production patterns and don’t necessarily point to an unexpected drop in demand.
The report also comments on Apple’s staggered iPhone launch schedule, with JP Morgan expecting the iPhone Duo to offset the sales shortfall caused by the absence of the regular iPhone 18, which is expected to hit shelves early next year.
Interestingly, earlier today, a separate report from China’s Securities Times claimed that Apple had increased its iPhone Duo orders by 30%, potentially bringing its production for the remainder of 2026 close to 10 million units.
Looking ahead to the December quarter, JP Morgan expects Apple to sell 8.5 million iPhone Duo units. JP Morgan also projects a roughly 2% decline in iPhone revenue year-over-year, but a 2% increase in Apple’s overall revenue.
The firm also continues to flag supply constraints and broader economic pressures that could affect consumer demand.
All in all, JP Morgan raised its AAPL price target from $340 to $360, while maintaining its Overweight rating on the stock.
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