JPMorgan has raised its price target on Apple to $280.00 from $255.00 while maintaining an Overweight rating, citing favorable early demand for the iPhone 17 series. The new target sits well within the current analyst range of $175-$300, with Apple trading at $237.88.
The investment bank now forecasts iPhone volumes of 236 million in fiscal year 2026, representing a 2% year-over-year increase. Combined with mix tailwinds, JPMorgan expects this to support mid- to high-single digit iPhone revenue growth. This outlook aligns with Apple’s current momentum, as the company generated $408.62 billion in revenue over the last twelve months, with a healthy gross margin of 46.68%.
JPMorgan anticipates momentum to accelerate in fiscal year 2026 with the launch of the foldable iPhone, setting up a stronger upgrade cycle in fiscal year 2027. This product introduction, along with pricing tailwinds, leads to the firm’s forecast of low double-digit iPhone revenue growth in fiscal year 2027.
The bank projects overall company revenue growth to mirror iPhone performance, with 7% growth in fiscal year 2026 followed by 10% growth in fiscal year 2027. These projections reflect iPhone revenue tailwinds, improved confidence in gross margin progression amid favorable tariff treatment, and resilient Services growth.
While JPMorgan forecasts materially higher gross profits in coming years, it notes that net income and EPS upside will be moderated by higher operating expenses as Apple supports its Apple Intelligence efforts. For deeper insights into Apple’s financial health (currently rated as GOOD by InvestingPro) and access to 12+ additional ProTips, consider exploring the comprehensive Pro Research Report available on the platform.