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JP Morgan Holds Apple at $230, Sees Path to $250 by 2026 Ahead of Q3 Earnings

Anticipated resilience through supply-chain adjustments, service revenue growth guides the projection of higher price targets.

What to expect from Apple's Q3 2025 earnings
Investors back Apple, expect improvements
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Overview

  • JP Morgan is maintaining its Apple price target at $230 per share but expects to raise it to $250 by late 2026.
  • The bank forecasts fiscal Q3 revenue of $89.6 billion and iPhone revenue of $39.9 billion, both modestly above consensus estimates.
  • Analysts characterize demand for the upcoming iPhone 17 as lower than earlier forecasts yet still robust.
  • Apple’s rerouting of assembly and distribution to India and Vietnam is seen as a buffer against U.S. tariff pressures on hardware.
  • JP Morgan cautions that the DOJ’s antitrust lawsuit against Google could cost Apple roughly $20 billion in annual search income.