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Investing.com - JPMorgan has reiterated its Overweight rating and $305.00 price target on Apple (NASDAQ:AAPL) following the firm’s analysis of product availability. The target represents a potential 9.4% upside from Apple’s current price of $278.85, though InvestingPro data suggests the stock may be overvalued with an RSI indicating overbought territory. Apple currently trades at a P/E ratio of 37.06, significantly above industry averages.
Lead times across the iPhone 17 series increased by one day in Week 12 of JPMorgan’s Apple Product Availability Tracker, which the firm notes is consistent with seasonal patterns due to increased consumer demand during Black Friday.
Average lead times are now tracking at approximately six days, which exceeds the four-day lead times observed during the same week last year, suggesting stronger year-over-year demand trends for the new iPhone lineup.
The base iPhone 17 model continues to show double-digit lead times, indicating that supply ramp is still trailing demand, which JPMorgan identifies as the primary driver of higher demand for the iPhone 17 series compared to its predecessor.
In the weekly breakdown, the base iPhone 17 maintained stable lead times, while the iPhone Air and iPhone 17 Pro saw increases of two days each, and the iPhone 17 Pro Max experienced a one-day increase, compared to uniform two-day increases across all models during the same period last year.
In other recent news, Apple Inc. has seen an increase in lead times for its iPhone 17 series during the Black Friday shopping period, with average lead times now at six days compared to four days last year. This suggests stronger demand for the latest smartphone series. Meanwhile, Apple has filed a plea in the Delhi High Court, challenging a change in India’s competition law that could allow penalties based on global turnover. The court has requested a response from the Indian government and will hear further arguments in December.
Additionally, Apple has informed the European Commission that its Apple Ads and Apple Maps services meet the thresholds set by the Digital Markets Act, which requires digital platforms to report their status to regulators. In efforts to streamline operations, Apple has cut dozens of sales positions, impacting various teams across its sales division. On the analyst front, KeyBanc Capital Markets maintained its Sector Weight rating on Apple, citing mixed data on hardware spending. The firm’s data indicated a 4% month-over-month decrease in spending, which is better than the three-year average decline but still shows a 12% year-over-year drop.
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