Just a few days ahead of Apple’s quarterly results, JP Morgan has raised its price target on Apple stock, echoing a recent analyst note issued by Morgan Stanley. Here are the details.
JP Morgan says iPhone 17 demand should play a significant role in earnings in Q1 and Q2 2026
Last month, Morgan Stanley raised Apple’s price target to $315 from $305, citing a higher revenue forecast despite rising memory costs.
From the analyst note:
The 3% increase in the price target reflects the investment bank’s unchanged 32x multiple applied to its revised fiscal year 2027 earnings per share estimate of $9.83, up from the previous forecast of $9.55.
Today, as spotted by AppleInsider, JP Morgan issued its own investor note, which also set its one-year price target on Apple shares at $315, up from $305 from last October.
Here’s AppleInsider:
The note explains that the rise is driven by “higher earnings power” as well as an increased target multiple. Current trades are at a multiple of 30x, which JP Morgan says is below the previous 32x peak when Apple introduced 5G smartphones.
Today’s investor note also reportedly set JP Morgan’s expectations for Apple’s upcoming quarterly results, which are scheduled for January 26.
JP Morgan reportedly expects Apple to report $139.8 billion in revenue for Q1 2026, with the iPhone contributing $80.2 billion, and services totaling $29.9 billion. If confirmed, these numbers would represent year-over-year increases of roughly 12.5% in total revenue, 16.0% in iPhone revenue, and 13.5% in services revenue.
Finally, the report says that “JP Morgan considers the specter of memory price rises not to be a massive problem for Apple,” but reaffirms the notion that Apple’s long-term supply and pricing contracts should help keep margin pressure in check for now.
As always, 9to5Mac will have full coverage of Apple’s earnings, so stay tuned on January 26 after the bell.
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