JP Morgan has raised its Apple price target by $20 to $360. The firm is also telling investors to ignore the recent reports that Apple cut iPhone 18 Pro orders because of low demand.
The new target replaces the $340 JP Morgan set in July, when it lowered its Apple price target over supply constraint worries. AppleInsider has seen the new investor note. JP Morgan dismisses the order cut reports entirely and wants investors to look beyond the short term.
JP Morgan Says the iPhone 18 Pro Order Cuts Are Routine
The analysts say the reports describe nothing beyond the typical production adjustments Apple makes every year. Reports that Apple cut orders by at least 15% on the iPhone 18 Pro and iPhone 18 Pro Max set off the concern in the first place.
JP Morgan believes demand for the iPhone 18 Pro is higher so far than it was for the iPhone 17 Pro, though only fractionally. The iPhone 17 Pro is reportedly still selling well too. The analysts also expect the split iPhone launch to push Pro sales higher.
JP Morgan Still Flags Tariffs, Rivals and the CEO Changeover
The note is optimistic on Apple’s earnings, but it lists the global economy, tariffs that could favor local firms overseas, and local rivals with more room to cut prices as risks. It also names Apple’s recent acquisitions, which could distract management and bring costs and liabilities.
The CEO changeover is on the list too, although JP Morgan says Apple has handled it admirably so far.
The Split iPhone Launch Trims the December Quarter and the iPhone Duo Covers It
JP Morgan is trimming its expectations for the December quarter. It blames the 2026 iPhone launch being split in two, which it expects to create a temporary shortfall as base iPhone buyers wait for an early 2027 launch. For the September quarter, the firm expects Apple to report earnings slightly above industry expectations.
The iPhone Duo is what JP Morgan expects to close that gap. Pre-orders open at 5 a.m. Pacific on October 16 and the phone goes on sale on October 23. JP Morgan predicts Apple will sell around 8.5 million iPhone Duo units in the December quarter, and Apple has reportedly added 30% to iPhone Duo orders.
Without a new base model, JP Morgan expects iPhone revenue to fall about 2% from the same period in 2025. Prices make up the difference. Apple raised iPhone prices by $100 across much of the lineup, the iPhone 18 Pro starts at $1,199, and the iPhone Duo starts at $1,999. JP Morgan expects Apple’s total December quarter revenue to rise about 2% year over year.
Our Take
The order cut reports matter less than the iPhone Duo number. Counterpoint’s forecast is 6 million iPhone Duo units across all of 2026, so JP Morgan’s 8.5 million for a single quarter is a conflicting number. At the $1,999 starting price, that figure alone is worth about $17 billion in revenue.
