JPMorgan removed Apple from the list of priority areas

JPMorgan Chase removed Apple from the list of priority destinations due to concerns about cuts in consumer spending. It is reported by CNBC.

“We expect moderation in consumer spending to dampen growth expectations from the recent iPhone SE launch (albeit offset by iPhone 13 product cycle dynamics) and also limit room for growth in services, as activity in China declines substantially relative to growth as for lower consumer spending and tougher comparisons,” JPMorgan’s Samik Chatterjee said in a note.

JPMorgan has given Apple an "outperform" rating and a price target of $210.

However, Chatterjee said the bank expects "the early impact of the challenging macro environment on consumers will further lower end-demand expectations in the TV, PC, smartphone and car markets."

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