JP Morgan analysts have raised Apple's stock price target to $315, citing strong expectations for the iPhone 18 product cycle. The firm also issued a bullish forecast for Apple's Q1 2026 financial results, which are set to be reported on January 29. This marks the second increase in recent months, following a previous bump to $305 in October 2025.

The investment bank's note projects Q1 2026 revenue of $139.8 billion, exceeding the consensus estimate. iPhone revenue is forecast to hit $80.2 billion, representing 16% year-over-year growth. While Services growth is expected to be softer, operating expenses are projected to come in below guidance, partly due to the timing of investments in AI models like Google's Gemini for a Siri overhaul.

Looking ahead, JP Morgan expects a 'key product cycle' in 2026, driving even higher earnings. For Q2 2026, the firm forecasts revenue of $106.2 billion, fueled by strong iPhone 17 demand, with Services revenue breaking the $30 billion barrier. The analyst sees limited margin pressure from rising memory costs, citing Apple's long-term supply contracts and economies of scale.