While price increases didn't worry the investors at JP Morgan, ongoing supply chain constraints will have a short-term impact, and thus their new price target is $340. It's been a bumpy few months for Apple thanks to RAM shortages, price increases, and supply constraints. Siri AI's impending launch will also help drive demand going into Q4 2026. JP Morgan expects that even if the short term isn't ideal, the long term will still look great for Apple. It's not exactly a bleak outlook, just a realistic one as JP Morgan observes how news from the Q3 earnings will affect stock prices.