Apple (AAPL) shares have rebounded in the past month, yet the stock remains down 7% year-to-date. In a new note today, JPMorgan analyst Samik Chatterjee reiterated an Overweight rating on Apple with a $255 price target. He said Apple’s upcoming iPhone launch event on September 9 could bring modest upside for the stock, driven by the debut of a slimmer model and smart pricing in China.
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It is worth noting that Chatterjee ranks 226 out of more than 10,000 analysts tracked by TipRanks. He has a success rate of 65%, with an average return per rating of 13.70% over a one-year timeframe.
Analyst Expects Modest Upside From iPhone Event
The 5-star analyst said that Apple’s fall iPhone launch events usually do not bring big surprises, as most hardware details are already known from supply chain leaks. Still, this year’s event could bring some positives, with Apple expected to unveil its new iPhone lineup featuring added “AI features” that may draw buyer interest.
That said, the analyst cautioned that any boost to the stock price is likely to be modest, unlike the larger gains seen during past major iPhone upgrade cycles.
iPhone Air Could Increase Demand
One focus will be the iPhone Air, a slimmer model aimed at reaching a wider set of users. Chatterjee noted that while its features may be closer to base models than Pro models, its design could appeal strongly to buyers.
Apple is planning 10–15 million iPhone Air units for the second half of the year, based on supply chain feedback. The analyst sees room for upside if consumer response proves stronger-than-expected.
Pricing Strategy May Boost iPhone Demand in China
The analyst said pricing for the iPhone Air and other models will be key to driving demand, especially in China, where phones under CNY 6,000 (840) qualify for a 15% subsidy. He added that Apple’s ability to keep enough models in this range could boost sales through the end of the year as subsidies remain in place.
Overall, Chatterjee does not expect a major surprise from the event but sees the iPhone Air launch and smart pricing in China as possible drivers of growth in the future.
Is Apple a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Apple stock based on 16 Buys, 11 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $239.60 per share implies 3.21% upside potential.
