JPMorgan Affirms Overweight on Apple, $360 Price Target

JPMorgan analyst Samik Chatterjee reiterated an Overweight rating and $360 price target on Apple (NASDAQ: AAPL)

“In Week 6, the focus is more on Duo, which started taking pre-orders on Friday, and with delivery timelines already extending into next year, investors will be encouraged in relation to long-term implications of a further premiumization of the iPhone portfolio over a multi-year basis if high-end consumer preference moves materially towards foldable devices.

That said, it is still early days and the extended lead times beyond 3 months for the Duo are also a function of the supply ramp challenges well telegraphed for the Duo, which has already led the Street to revise iPhone Duo volume projections from 10M for calendar 2026 to 8-9M.

However, the lead times currently would indicate (assuming consistent across all channels beyond direct online orders to Apple) that demand has already exceeded 8-9M.

Now turning back to Pro SKUs, this week was more encouraging than the last, with a more measured pace of normalization; Pro lead times remained unchanged in the US, Germany and the UK, with the global moderation driven by China, while Pro Max recorded a decrease only in the US and remained stable or slightly higher elsewhere.

This contrasts with the more widespread moderation in Week 6 of the prior-year cycle and brings global Pro Max lead times back in line with last year, while Pro continues to track below.

In totality, we believe the combination of the datapoints supports our favorable view on the iPhone 18 cycle for FY27 with expectations for resilient volume demand and revenue growth driven primarily by a greater than typical contribution from price/mix relative to recent years.”

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