JPMorgan has increased its 12-month price target for Apple Inc. to $325.00 from $315.00 and left its rating on the shares at Overweight. The bank said the revised target points to notable upside for the company, which currently carries a market capitalization of $3.8 trillion and trades at a price-to-earnings ratio of 34.65.
Analytical data indicates Apple is trading above its Fair Value. JPMorgan tied its target adjustment to Apple's recent quarterly results, noting those results should help "calm investor nerves" about the potential effects of memory-cost pressures on gross margins and lingering questions over Services revenue momentum.
The bank emphasized that Apple produced "record Product gross margins" in the December quarter, and it expects the March quarter to post record product gross margins as well. Over the last twelve months, Apple has delivered a gross profit margin of 46.91%, a level the firm highlighted in support of its outlook.
JPMorgan also described the scale of the iPhone revenue upside as "noteworthy in itself," signaling the flagship product line drove meaningful contributions to the quarter. Management did acknowledge a "slightly higher impact" from rising memory costs in the March quarter compared with the December quarter, but JPMorgan said that acknowledgement should provide some reassurance to investors about the overall materiality of those cost headwinds.
Additional data points noted alongside JPMorgan's note include a top financial-strength metric: Apple holds a Piotroski Score of 9, a perfect score, according to the available data. That score was cited in the firm commentary as part of the broader financial picture.
Apple's fiscal first-quarter 2026 results exceeded consensus forecasts. The company reported revenue of $143.76 billion and earnings per share of $2.84, topping FactSet expectations of $138.39 billion in revenue and $2.67 in EPS. iPhone revenue grew 23% year over year to $85.3 billion, while Services revenue increased 14% to $30.0 billion.
On a geographic note highlighted in analyst commentary, iPhone sales in China rose 38% year over year, an outcome described by Wedbush as a "surprise tailwind."
Following the results, several brokerages revised their views. Goldman Sachs raised its price target to $330 and kept a Buy rating. Rosenblatt Securities lifted its target to $267, pointing to stronger-than-expected iPhone demand. Meanwhile, KeyBanc Capital Markets reiterated a Sector Weight stance, and Oppenheimer left its Perform rating unchanged.
Collectively, the earnings beat, margin strength and the string of analyst target changes underscore a quarter of robust growth and solid market performance for Apple in the first fiscal quarter of 2026.