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Apple is once again in the spotlight of the financial world. A new valuation from JP Morgan is causing a stir: The price target for Apple shares has been raised – and this in the middle of an already strong product cycle. The main trigger is the iPhone 17, for which demand is stronger than expected, according to analysts. Other areas, such as services, are also showing growth, which has a direct impact on forecasts for the coming quarters.
As recently as June 2025, the outlook for Apple looked less optimistic. JP Morgan lowered its price target at the time due to perceived weakness in the iPhone. There was no increase in July, but at least a positive outlook. Now, this outlook has been confirmed. The financial services provider is raising its price target to $290. Confidence in Apple is at its highest level in over a year.
JP Morgan: Price target rises from 280 to 290 US dollars
According to a report released to investors, JP Morgan is raising its price target for Apple shares to December 2026. It was previously at $280, now at $290. The company cites increased confidence in the current iPhone product cycle as the main reason.
Although smaller gains are also expected in other business areas such as Mac, iPad, and services, the focus is clearly on the iPhone. The expected revenue growth will be driven primarily by the iPhone 17.
iPhone 17 as growth driver in the December quarter
For the December quarter, JP Morgan expects iPhone revenue of $76.1 billion. This is significantly higher than the current consensus forecast of $73.5 billion. The company's total revenue is also expected to be $103 billion, according to the forecast. The market has previously forecast $102 billion.
The iPhone alone is expected to contribute $50.2 billion. This is also more than the $49.3 billion expected by other analysts. JP Morgan also expects slight increases for Mac, iPad, and services, although these are less significant than those for the iPhone.
Services expected to grow by double digits
The Services segment is performing steadily. JP Morgan forecasts revenue of $29.8 billion for the December 2025 quarter—again slightly above the consensus forecast of $29.4 billion. Growth is expected to be in the low double-digit range. One reason for this is the increase in iPhone users, who are increasingly also using Apple services such as iCloud, Apple Music, and Apple TV.
Analysts expect iPhone 17 sales to come not only from upgrades by existing users but also to attract new customers, which in turn further drives the use of paid services.
Solid figures despite tariff burden
Despite existing trade tariffs, the outlook remains stable. According to JP Morgan, growing demand for the iPhone 17 will be sufficient to offset potential negative effects from higher import costs. Overall, the company describes growth in the December quarter as robust.
Outlook for 2026: Apple Intelligence and iPhone Fold
JP Morgan is also optimistic about the year 2026. This assessment is based not only on current sales figures but also on planned innovations in Apple's portfolio.
First, Apple Intelligence, Apple's own AI initiative, is expected to introduce new features in the course of 2026. These are intended to expand the functionality of iPhones and other devices and lead to additional revenue.
On the other hand, a strong upgrade cycle is expected—especially due to the anticipated iPhone 18. The forecast is based on the assumption that Apple will launch the iPhone Fold in 2026. A foldable model would usher in a new device standard and could encourage many users to switch.
However, there are uncertainties. A recent report suggests that technical issues with the hinge design could result in the iPhone Fold not being released until 2027. Whether this will slow the expected upgrade cycle remains to be seen.
Apple impresses with stable growth and new technologies
Apple remains on a growth trajectory. JP Morgan sees the iPhone 17 as a strong driver of revenue and share price. The raised price target of $290 reflects analysts' confidence in Apple's short- and medium-term performance. The services sector also contributes to the positive assessment.
For 2026, JP Morgan sees great potential in new technologies such as Apple Intelligence and a possible iPhone Fold. Despite open questions about technical details, the investment firm expects continued growth. Apple is succeeding in convincing both the market and investors – even in an increasingly complex global environment. (Image: Shutterstock / Katerina Elagina)
Disclaimer: No recommendation for investments
This article does not constitute financial or investment advice. The information contained herein is for journalistic and informational purposes only. Please conduct your own research or consult a financial advisor before making any investment decisions.
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