In a new note to investors, J.P. Morgan maintained its Buy rating on Apple while raising its price target for the company’s stock. Here are the details.
J.P. Morgan sees limited impact from Apple’s price hikes
Over the past few days, Apple’s stock has recovered from a roughly 6% dip following its announcement of price hikes for several products due to the market-wide memory shortage.
Since the dip in late June, Apple has gained nearly 15%, and it is currently trading at $311.44, near its all-time high of $317.40.
According to J.P. Morgan (via AppleInsider), the recent price increases are unlikely to meaningfully affect Apple’s long-term growth, prompting the firm to raise its price target to $345, up from the $325 target it set in January.
