IT Home, October 13 news: Technology media AppleInsider reported yesterday (October 12) that JPMorgan refuted claims of weak demand and order cuts for the iPhone 18 Pro, raising Apple's (AAPL) target price from $340 to $360, an increase of $20.
In an investor report released on October 12, JPMorgan refuted reports that Apple had reduced orders due to weak demand for the iPhone 18 Pro and advised investors to focus on longer-term fundamentals.
JPMorgan previously lowered Apple's target price to $340 in July 2026 due to concerns over supply constraints (IT Home note: approximately RMB 2,278 at current exchange rates). Regarding recent rumors of order cuts, the bank's analysts stated that these changes fall within Apple's annual routine production adjustments.
The row also lowered its outlook for Apple’s December quarter earnings, attributing the reason to the split release schedule for the 2026 iPhone. Analysts expect potential buyers of the base or entry-level iPhone to wait for the new model expected in early 2027, creating a temporary sales gap.
JPMorgan believes that, despite limited growth, demand for the iPhone 18 Pro currently exceeds that of the iPhone 17 Pro. Analysts expect the phased launch strategy to drive sales growth for the Pro models. The iPhone Duo is expected to launch at the end of October and is projected to adequately offset the shortfall caused by the absence of the base model.
JPMorgan predicts that Apple's September quarter earnings will only slightly exceed industry expectations, with supply constraints remaining a factor. For the December quarter, the bank expects iPhone Duo sales to reach approximately 8.5 million units; iPhone revenue is projected to decline by about 2% year-over-year due to the absence of non-Pro models.
Related reading: “Memory Costs Drive Up iPhone 18 Pro Series Prices; Apple Said to Cut Orders for New Device Components”