Following Apple's recent quarterly results and guidance, JP Morgan has slightly lowered its price target for AAPL stock from $345 to $350. The investment bank cited strong demand for products like the iPhone 17 and MacBook Neo, along with the upcoming Siri AI launch, as drivers for continued momentum into Q4 2026.

This revision comes after Apple reported a significant worsening of supply constraints due to memory shortages, particularly impacting iPhone, iPad, and Mac shipments, which typically constitute about 64% of fourth-quarter revenue. The company also noted a 5% drop in iPad revenue and a slowdown in Services growth, attributed to weaker App Store gaming revenue and regulatory changes.

Apple's stock experienced an initial drop of 8.6% following the news, trading at $301.41. This decline occurred shortly after Apple briefly surpassed a $5 trillion market valuation, overtaking Nvidia. The stock is now down 11% for the year.