A few weeks ago, JP Morgan set a $345 price target for Apple’s stock through December 2027. Following yesterday’s quarterly results, the investment bank has slightly lowered its outlook. Here are the details.
JP Morgan lowers AAPL target
As reported by AppleInsider, JP Morgan has lowered its price target for Apple’s stock from $345 to $340.
From AppleInsider:
JP Morgan’s revision came after Apple reported its quarterly results yesterday and warned that the memory shortage will significantly worsen supply constraints during the September quarter, particularly for the iPhone, iPad, and Mac. Typically, these three segments account for roughly 64% of Apple’s revenue during its fourth fiscal quarter.
In yesterday’s report, Apple also posted a 5% drop in iPad revenue and addressed a slowdown in Services growth, due in part to weaker App Store gaming revenue, regulatory changes in select countries, and its ongoing dispute with Epic Games, which is preventing it from collecting commissions on purchases completed through external links in the US.
Apple’s stock opened down 8.6% today and is currently trading at $301.41, a 9.6% drop from yesterday’s close. The market’s harsh reaction came just days after Apple briefly surpassed a $5 trillion market valuation, overtaking Nvidia as the world’s most valuable company. Apple is now 11% for the year.
To read AppleInsider‘s report, follow this link.
Update, 3:46 p.m. ET: AppleInsider also notes that Morgan Stanley has also lowered its Apple stock price target from $364 to $360, while Goldman Sachs cut its target from $370 to $360
