JPMorgan analyst Samik Chatterjee lowered the price target on Apple (NASDAQ: AAPL) to $245.00 (from $270.00) while maintaining a Overweight rating.

The analyst comments "The latest updates from the US administration late on Friday (4/11), exempting amongst other things, smartphones and PCs, from reciprocal tariffs is a big relief for Apple. The exemption will help return investor focus back to some of the medium-term drivers, but we expect several concerns to remain from the developments over the last two weeks and limit investors from immediately turning to any bull case focused on upside drivers relative to evaluating downside to earnings expectations in recent weeks. We expect the exemptions issued on Friday to bolster investor confidence relative to an eventual direct impact on cost headwinds to be more modest than initially presumed for the Hardware industry, including Apple, and drive a re-rating of AAPL shares along with the rest of the coverage. We rate shares of Apple Overweight from the combination of AI and age of installed base led volume replacement cycle while Services continues to demonstrate robust growth delivering acceleration in earnings growth. That said, in relation to bull case without tailwinds from AI, we see the opportunity for investors to look for earnings growth through Services growth and margin expansion to be the primary driver of share price returns while awaiting further visibility in relation to AI-led volume uplift heading into the iPhone 17 cycle, implying limited downside risks over the medium term."