JP Morgan raises Apple stock target to $245 on AI announcements

Analysts at JP Morgan say that Apple’s launch of AI features will prompt users to upgrade their iPhones, and has raised the price target by $20.

JP Morgan has previously expected that Apple’s AI features would eventually drive an upgrade cycle, but its analysts were previously sure this wouldn’t happen until the 2025 release of the iPhone 17 range. It was convinced enough that in April 2024 it dropped the target price to $210.

Even though it has increased that price since, it has only now taken the target higher than it was during the latter part of 2023. Specifically on the strength of Apple Intelligence and its expected appeal, JP Morgan has now set its Apple target price to $245.

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