JP Morgan trims Apple stock target to $215 over weak iPhone expectations

Investment firm JP Morgan has cut its Apple price target by $10 following the company’s earnings report that showed iPhone declining in China.

Overall, Apple’s earnings report showed a bounce back from its 2023 dip, but the detail in the announcements has JP Morgan predicting future declines. The analysts were particularly unimpressed with how Apple tried to spin its earnings results by stressing multiple reasons that direct year on year comparisons could not be done.

“Apple looked to explain the F2Q revenue outlook for a roughly -5% decline y/y through the tougher compares on account of the iPhone supply fill-in during F2Q last year,” wrote JP Morgan in a note seen by AppleInsider, “excluding which revenues are expected to track flat y/y despite a tough macro backdrop.”

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