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Rani Molla6/26/25

JPM lowers Apple price target due to reflect tariff purchases and unexciting iPhone 17

Analysts at JPMorgan have lowered their price target for Apple to $230 from $245, about 14% above where the iPhone maker closed yesterday, to account for pull-forward purchases that happened out of fear of tariffs and underwhelming upgrades on its upcoming phone, iPhone 17 — both of which could moderate demand going forward.

Analysts led by Samik Chatterjee wrote:

“Our more bearish view in relation to the volume outlook for iPhone 17 series is in conjunction with our unchanged expectations for a stronger cycle in iPhone 18 series with the launch of a foldable smartphone as well as further progress in relation to AI features that have been long awaited and delayed relative to initial investor expectations.”

Apple CEO Tim Cook on the company’s last earnings call denied that tariffs had led to a surge in demand — at least not for the quarter ending in March, which was before President Trump’s Rose Garden tariff announcements — but that certainly may have happened since.

Wall Street’s average price target for the shares is in the same ballpark as Chatterjee’s, at roughly $227, per analysts polled by Bloomberg.

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Pinterest sinks after weak revenue guidance and Q3 adjusted EPS misses estimates by 10%

Pinterest plunged nearly 18% in premarket trading on Wednesday, after the company reported lower-than-expected earnings and a weak holiday quarter forecast after the bell on Tuesday.

The social media platform posted adjusted earnings per share of $0.38, below Wall Street’s $0.42 estimates, while revenue matched analysts’ expectations at $1.05 billion, up 17% from a year earlier.

The fly in the earnings ointment appears to be the guidance, however, with Pinterest expecting Q4 sales of only $1.31 billion to $1.34 billion, with the midpoint trailing analysts’ $1.34 billion forecast.

Global monthly active users came in at an all-time high of 600 million, beating expectations, but average revenue per user came in at $1.78, slightly shy of projections. During the earnings call, CFO Julia Donnelly said the company saw “pockets of moderating ad spend” in the third quarter as “larger US retailers navigate tariff-related margin pressure.”

The company’s soft results come as its peers, including Meta, Amazon, and Alphabet, recently reported strong digital ad sales.

CEO Bill Ready said Pinterest’s AI push is “paying off,” highlighting last week’s launch of its AI-powered shopping assistant, Pinterest Assistant. Still, growth in its core North American market — which generates roughly three-quarters of its revenue — remains a drag heading into the holiday season.

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