JPMorgan Chase lowers Apple's price target to $230 as weak iPhone demand raises concerns

On June 26, JPMorgan Chase announced that it would lower Apple's target share price from $240 to $230 (about 1,649 yuan), reflecting the agency's pessimistic expectations for Apple's revenue and profit growth in the next 18 months. The report pointed out that the slowdown in iPhone demand is mainly due to two aspects: consumers overdraw upgrade needs by purchasing devices in advance to avoid the risk of US tariffs, and the upcoming iPhone 17 series has limited hardware upgrades and insufficient innovation, and its production is expected to be about 9% lower than the iPhone 16 series.

At the same time, JPMorgan Chase emphasized that Apple's service business growth is also showing signs of fatigue, and this core revenue driver may face a decline in growth. Although investors pay close attention to AI innovation, Apple's layout in the field of AI is obviously slower than its competitors-the fully upgraded Siri voice assistant will have to wait until the beginning of 2026 with the release of iOS 26.4 system, which will introduce device-side language models to achieve deep scene perception interaction. It is worth noting that recent iOS 26 beta users have encountered abnormal Apple Intelligence functions and the failure of old Siri animation backtracking.

It is worth noting that Apple has positioned 2026 as a key node for technological breakthroughs. In addition to AI upgrades, the first foldable iPhone may also debut during this period. At present, there are differences in the industry on the mass production time of this product. Some sources say that production will start in the second half of 2025 and it will be launched at the end of 2026. There are also predictions that it may be postponed to 2027. The stock price cut highlights the market's concerns about Apple's lack of innovation in the short term. Investors are closely watching whether it can regain growth momentum in the next generation of technology.