Apple stock (NASDAQ: AAPL) was (and arguably still is) at significant risk from the ongoing tariff war. Per Citi’s research, the consumer electronics giant’s gross margins could slip by as much as 9.5%.
On Friday, it was announced that electronics, including smartphones, would be exempt from the tariffs. However, on Sunday, Commerce Secretary Lutnick clarified that this would only be a temporary measure.
AAPL stock closed last week at $198.09. By press time on Monday, April 14, prices had risen to levels as high as $210.31 in the pre-market trading session, with the 6.16% surge bringing year-to-date (YTD) losses down to 16.02%.
While this is certainly a positive development, not everyone on Wall Street is convinced that Apple is out of the woods just yet.
KeyBanc bullish on AAPL stock — JPMorgan cuts price target
Following this newest development, KeyBanc upgraded Apple stock from ‘Underweight’ to ‘Sector Weight’.
In a note shared with investors, analyst Brandon Nispel said that the worst-case trade war scenario now seems “off the table”. The researcher did not put forth a price target — but did add that weak artificial intelligence (AI) efforts and risks from Google’s DOJ case present potential headwinds going forward. Prior to this coverage, KeyBanc had a $170 price target on AAPL stock.
On the other hand, JPMorgan’s Samik Chatterjee maintained an ‘Overweight’ rating, but cut his 12-month price forecast for Apple shares from $270 to $245. If met, Chatterjee’s price target would equate to a 16.49% rally from current prices.
Despite hailing the recent tariff exemption as a “big relief” for the tech giant, the analyst also stated that several concerns remain from developments over the last two weeks. JPMorgan is of the opinion that this will limit investors from turning to a bull case.
The firm updated its estimates for lower demand owing to an expected macro slowdown and revised its iPhone volume forecasts for FY 2026 and FY 2027 to 232 million and 242 million, down from 249 million and 259 million.
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