Investment bank JP Morgan analysts say that Apple Intelligence is not yet drawing iPhone users to upgrade, and demand for iPhone 16 Pro models is weaker than it was with the iPhone 15 Pro range.
Apple Intelligence on an iPhone
Apple Intelligence on an iPhone
In April 2024, JP Morgan dropped its Apple stock price to $210 because it believed that Apple Intelligence would drive iPhone 17 sales rather than iPhone 16 ones. Then in May 2024 it raised the stock price to $245 specifically on the strength of Apple’s announcement of Apple Intelligence.
Now having conducted a user survey and monitored sales of the iPhone 16 range, the company is taking up a position in the middle. JP Morgan now believes that Apple Intelligence will drive up sales of the iPhone 16 range — but not yet.