JPMorgan raises Apple target price, strong demand for iPhone 17 and cost control will drive performance beyond expectations.

JPMorgan Chase said that better-than-expected demand for the iPhone and lower operating expenses may drive Apple's performance beyond market expectations. The bank reiterated its "overweight" rating on the tech giant and raised its target price from $305 to $315. Apple is scheduled to release its first quarter earnings report for fiscal year 2026 on Thursday. "We believe positive data signals related to strong demand for the iPhone 17 series are overshadowed by investor concerns about unprecedented increases in memory costs affecting gross margins, potential price elasticity issues for iPhone demand, and mild concerns about soft growth data for some App Store services during the quarter," Chatterjee said. He believes that strong demand for the iPhone 17 series combined with lower operating expenses will lead Apple to exceed expectations in both revenue and profit for the first quarter.