Wall Street is not panicking about iPhone 18 Pro demand just yet. Despite fresh reports that Apple told suppliers to pare back component orders, JP Morgan bumped its price target on Apple stock from $340 to $360 on Monday, holding onto an Overweight rating.
The reassurance comes after a rocky close to last week. Nikkei Asia reported on Friday that Apple had instructed component manufacturers to scale back output for both the iPhone 18 Pro and the flagship iPhone 18 Pro Max. Nikkei cited multiple people familiar with the matter who pointed to soft demand for the high-end handsets. That report knocked Apple shares down by roughly 2.5% in early trading before the stock clawed back ground, finishing Monday at $340.97.
In a research note distributed to investors, JP Morgan pushed back on the doom and gloom. The investment bank argued that these component adjustments fit Apple's typical seasonal manufacturing adjustments and do not show an unexpected slump in buyer interest.
The iPhone Duo Cushion
A critical piece of Apple's fall strategy this cycle is its split calendar. The base iPhone 18 is not on shelves right now. It is expected to arrive early next year. That leaves a void in the lineup that Apple appears to be filling with the iPhone Duo.
JP Morgan expects the iPhone Duo to make up for the absence of the entry-level flagship over the holidays. The bank estimates Apple will ship 8.5 million iPhone Duo units during the December quarter alone. Other supply checks suggest Apple is leaning even harder into the hardware. A report published Monday by China's Securities Times said Apple boosted component orders for the iPhone Duo by 30%, which could push total production near 10 million units before 2026 wraps up.
That does not mean Apple faces smooth sailing across the board. JP Morgan still projects a roughly 2% drop in iPhone revenue compared to the same period last year, alongside broader warnings about supply hurdles and consumer spending pressures. Yet the firm expects Apple's total company revenue to climb 2% over that stretch, helped along by the rest of the portfolio.
For buyers watching the release cycle, the immediate takeaway is clear. Apple is leaning on the Duo to carry the volume while holding the standard iPhone 18 back for an early 2027 rollout.
MDFiled by The Mobile Desk
Phones from leak to launch to price cut: what was announced, what it costs where, and when it goes on sale. Indian launches and prices included, not appended.
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