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JP Morgan Bullish on Apple’s Future, Raises Price Target to $235

  • JP Morgan is bullish about Apple’s future and has raised its price target to $235 for the end of 2024.
  • Apple is seen as an “earnings compounder” with diversified drivers that hail back to early 2023.
  • JP Morgan expects Apple’s third-quarter report to continue to lead with its Services growth and resilience in hardware replacement cycles.
  • Risks to JP Morgan’s rating and price target include a contraction of the smartphone market, competition in markets like China and India, strategic investments not paying off, and a departure of CEO Tim Cook.

JP Morgan is optimistic about Apple’s future and has raised its price target to $235 for the end of 2024. According to a note from JP Morgan seen by , Apple is seen as an “earnings compounder” with diversified drivers that hail back to early 2023. This higher price target is based on Apple’s diversified revenue and resilience despite global economic challenges.

JP Morgan has an overweight rating and expects Apple’s third-quarter report to continue to lead with its Services growth and resilience in hardware replacement cycles. F4Q23 (September-end) is expected to have modestly better seasonal drivers at $91.9 billion ahead of the $90.5 billion consensus. F3Q23 (June-end) is forecasted to have a modest beat to guidance at $81.9 billion of revenue and EPS of $1.23.

Despite potential risks such as a contraction of the smartphone market, competition in markets like China and India, strategic investments not paying off, and a departure of CEO Tim Cook, JP Morgan is confident in Apple’s success and their raised price target reflects this.

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