JPMorgan cuts Apple (AAPL) stock price target for 12 months

JPMorgan lowered its Apple (NASDAQ: AAPL ) stock price target from $360 to $355 on Tuesday, November 3, maintaining an “Overweight” rating. With Apple shares up 25% in 2026, the bank remains positive on the company’s long-term prospects, particularly as a stronger hardware product cycle could support growth in the installed base. Furthermore, JPMorgan raised its Apple product revenue forecasts for fiscal 2027, with most of the upward revisions coming from Mac and iPad sales and stronger iPhone pricing. However, the research note also moderated the outlook for Services revenue growth and gross margins, pointing to challenging product and services margin dynamics.

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