The Apple Experience After Today's - MOSK: 10.13.2026

JPMorgan has raised its price target on Apple shares.

Apple 3.0 ran part of a note Monday that I assume was written by JPMorgan analyst Amik Chatterjee, though he's not mentioned by name in the post.

Things that are mentioned are the reports of component cuts for iPhone 18 Pro and how little the analyst cares about them.

I told you yesterday of an EK Asia report highlighted by Apple Insider that said suppliers had been told to cut component production because of low demand for the iPhone 18 Pro.

I also told you of a CNBC appearance by Deepwater Financial analyst Gene Munster saying the amount of noise around what's going on with the iPhone release cycle makes it difficult to know how to read some of these numbers.

That's largely thanks to Apple splitting the current round of iPhones into three distinct releases, iPhone 18 Pro and Pro Max last month, iPhone Duo next week, and the consumer-focused phones expected in early 2027.

Without naming names, the JP Morgan notes, as analysts there have seen recent supplier indications of cuts to volume plans for the company, but they do not believe the cuts represent any concerns for expectations for the cycle over a longer time frame.

As we've talked about here, since Apple was rumored to move general consumer iPhones to the spring, they're going to sell fewer iPhones near term.

Quoting the note, And instead helping revenue seasonality relative to historical trends in the spring timeframe.

So yes, they expect iPhone volumes to miss consensus estimates by about 4%.

That said, the firm's updated fiscal year 27 and fiscal year 28 estimates reflect a greater confidence in multi-year durable growth for iPhone revenue.

JP Morgan has an overweight rating on Apple shares.

They use the new note to raise their price target on the shares from $340 to $360.