JPMorgan Lifts Apple PT to $345 as UBS Flags 3% App Store Growth

As of July 9, Apple shares traded near $314 after JPMorgan raised its price target to $345, citing resilience to recent hardware price hikes. The week opened with UBS surveys showing U.S. iPhone intent rising to 20% while China slipped to 15% and Apple Intelligence enthusiasm cooled to 24%. Evercore ISI held a $365 target, but Ming-Chi Kuo flagged tight foldable-iPhone supply of 7-8 million units in 2H26. Sales fell 9% in China during the 618 festival, offset by JPM’s view of pricing power and services momentum ahead of July 30 earnings. UBS later reported App Store revenue grew just 3% in the June quarter.