Apple price target lowered to $230 from $240 at JPMorgan

JPMorgan lowered the firm’s price target on Apple (AAPL) to $230 from $240 and keeps an Overweight rating on the shares. The firm updated its Apple revenue and earnings forecasts to reflect the near-term pull ahead of consumer demand on iPhones, driving a moderation in demand drivers in the back-half of the year. JPMorgan moderated its demand forecasts for the iPhone 17 series, citing continuing macro uncertainty as well as “modest digestion” following pull-forwards in demand, aided by purchases ahead of anticipated tariff-led price increases. JPMorgan’s more bearish view on iPhone 17 volumes is in conjunction with unchanged expectations for a stronger cycle in iPhone 18 series with the launch of a foldable smartphone as well as further progress to artificial intelligence features, the analyst tells investors in a research note. However, JPMorgan believes Apple’s near-term demand drivers “remain robust” as a result of the pull-forward as well as support from subsidies in China.