JP Morgan has increased its price target for Apple stock to $345, a $20 bump from its previous January target of $325. The firm believes that recent price increases across Apple's product lines, driven by rising memory costs due to a global memory crisis, will not significantly hinder long-term revenue.

Despite acknowledging these price hikes might present short-term challenges as investors assess consumer reaction, JP Morgan points to historical sales data for iPhone, Mac, and iPad. This data suggests a limited correlation between pricing and sales volume over multiple years, indicating consumers will likely continue purchasing Apple products regardless of modest price adjustments.

Mac sales are seen as particularly insulated due to a wider range of price points and potential AI-driven demand. While budget-tier iPhone and iPad sales are more sensitive to price changes, JP Morgan characterizes these as "modest revenue headwinds" when considered alongside premium model sales. Investors will look to Apple's Q3 results on July 30 for early indications of how the company is navigating these cost increases.