JPMorgan Chase Backs Apple iPhone 18 Pro, Raises Price Target

JPMorgan Chase has dismissed claims that Apple is reducing iPhone 18 Pro orders due to weak demand, instead suggesting demand for the Pro models exceeds that of the iPhone 17 Pro. The investment bank raised its price target for Apple shares by $20 to $360, advising investors to focus on the company's long-term fundamentals.

The bank's analysts stated that any production adjustments are within the scope of Apple's typical annual manufacturing fluctuations. Previously, in July 2026, JPMorgan had lowered its price target to $340 amid concerns over supply chain constraints.

JPMorgan adjusted its earnings expectations for Apple's December quarter, attributing the change to the company's staggered release strategy for new iPhone models. They anticipate that potential buyers of base model iPhones will wait for the next generation expected in early 2027, creating a temporary sales gap.

Analysts expect the iPhone 18 Pro models to see higher demand than their predecessors, the iPhone 17 Pro, despite limited overall growth. The staggered launch strategy is projected to boost sales of the Pro variants. The upcoming iPhone Duo, slated for release in late October, is expected to help offset the sales impact from the absence of standard models in the current quarter.

For the September quarter, JPMorgan forecasts Apple's earnings to slightly exceed industry expectations, with supply limitations remaining a factor. In the December quarter, the bank projects iPhone Duo sales of approximately 8.5 million units. Due to the lack of base model iPhone sales in the quarter, total iPhone revenue is expected to decline by about 2% year-over-year.