Apple Has 27% Upside, JPMorgan Says, Even As Memory Costs Surge And App Store Growth Slows

In anticipation of Apple Inc.‘s (NASDAQ:AAPL) fiscal first-quarter earnings report, JPMorgan Chase & Co. has raised its price target for the tech giant.

Growth Drivers Beyond AppStore

JPMorgan raised its price target on Apple to $315 from $305, citing confidence in the company's outlook, and reaffirmed its overweight rating on the stock, reported CNBC on Monday.

The bank’s analyst, Samik Chatterjee, cited better-than-expected iPhone demand and a reduction in operating expenses as potential drivers for an earnings beat. Chatterjee believes that these factors could lead to a 27% upside from the current stock price.

Despite Apple’s recent underperformance, JPMorgan views this as an attractive entry point. The analyst is optimistic about the company’s future, particularly given the upcoming iPhone 17 demand, despite investor worries over rising memory costs, possible pricing sensitivity affecting demand, and slightly weaker growth in App Store services.

Chatterjee expects robust iPhone 17 demand and reduced operating costs to ...