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.

As reported by AppleInsider, JP Morgan has lowered its price target for Apple’s stock from $345 to $340.

From AppleInsider:

In a note seen by AppleInsider, JP Morgan shares that it believes high demand for products like the iPhone 17 and MacBook Neo has helped maintain momentum in the product cycle. Siri AI’s impending launch will also help drive demand going into Q4 2026.

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

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