J.P. Morgan has reiterated its Buy rating on Apple stock, simultaneously increasing its price target to $345 from $325. This move comes despite recent price hikes on several Apple products, attributed to a global memory chip shortage.

The firm anticipates these price increases will have a limited effect on Apple's long-term growth, citing historical sales data for iPhone, Mac, and iPad that show a weak correlation between pricing and sales volume across multiple years. This suggests consumer demand for Apple products remains largely inelastic to price changes.

J.P. Morgan specifically notes that Macs, which experienced the most significant price adjustments, may see demand bolstered by AI-driven upgrade cycles. Higher-end iPhone buyers are also identified as less price-sensitive, although Apple has not yet raised iPhone prices, with expectations for such changes alongside the next-generation lineup launch in September.