JPMorgan has raised its price target on Apple stock to $315 from $305, maintaining its overweight rating, as the bank expresses optimism about the company’s upcoming fiscal first-quarter earnings report. The new target implies about 27% upside potential from recent trading levels. Analyst Samik Chatterjee highlighted strong demand for the iPhone 17 as a key driver, expecting Apple to deliver an earnings and revenue beat when it reports results for the quarter ending December later this week. Chatterjee pointed out that positive indicators around robust iPhone 17 sales have been somewhat overshadowed by investor worries, including potential gross margin pressure from sharply higher memory costs, questions about price elasticity for iPhone demand, and softer trends in App Store Services growth. “We believe that positive data points in relation to robust iPhone 17 demand have been overshadowed by investor concerns in relation to gross margin impact from the unprecedented rise in memory costs, potential price elasticity concerns for iPhone demand, as well as modest concerns from softer intra-quarter data points in relation to App Store Services growth,” Chatterjee wrote in a note to clients. However, he anticipates that margin headwinds from elevated memory pricing will prove limited, while operating expenses are likely to come in below guidance. This setup, combined with Apple’s current valuation, creates an attractive opportunity. “We see a positive set up for the shares heading into F1Q26 (Dec-end) earnings print as AAPL shares are trading at 30x NTM P/E, below the peak multiple that is typical for the shares heading into a key iPhone product cycle (previous peak of ~32x into 5G cycle), in combination with the modest upsides in relation to both F1Q26 print and the F2Q26 outlook,” the analyst added. JPMorgan also forecasts a solid outlook for the subsequent quarter ending in March, projecting revenue growth in the 10% to 12% range year-over-year, reaching around $106.2 billion, again supported by sustained iPhone 17 momentum. On the Services side, the firm expects 7% year-over-year growth — below Apple’s own 14% guidance — but Chatterjee emphasized that the company has “multiple levers” beyond the App Store to potentially accelerate expansion over time. Apple shares have gained 11% over the past 12 months, trailing the S&P 500’s 13.4% advance during the same period. The bank views this relative underperformance as offering a compelling entry point ahead of the earnings release. MacDailyNews Note: As usual, we’ll bring you Apple’s results as soon as they are released, right around 1:30 p.m. PT / 4:30 p.m. ET on Thursday, January 29, 2026 and then follow with live notes from Apple’s conference call at 2:00 p.m. PT / 5:00 p.m. ET. Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post JPMorgan boosts Apple price target to $315 ahead of earnings, citing strong iPhone 17 demand appeared first on MacDailyNews. You're currently a free subscriber to MacDailyNews. For the full experience, upgrade your subscription.
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Monday, January 26, 2026
JPMorgan boosts Apple price target to $315 ahead of earnings, citing strong iPhone 17 demand
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