摩根大通唱衰iPhone 15 将苹果目标股价下调至230美元

Core Viewpoint - JPMorgan's report indicates that the upcoming iPhone 15 lacks substantial upgrades, which will not drive significant user upgrades [1][2] Group 1: Target Price Adjustment - JPMorgan has lowered Apple's target price from $235 to $230, reversing a previous increase made last month due to strong shareholder returns and service business performance [1] - The downgrade reflects a shift from a bullish outlook to a more cautious stance regarding iPhone 15 sales [1] Group 2: iPhone 15 Features and Consumer Appeal - The report suggests that the main changes in the iPhone 15 may only involve the exterior, with the Pro model potentially featuring a titanium alloy frame instead of stainless steel [1] - Despite the lack of significant upgrades, the large existing user base is expected to still attract some purchases [1] Group 3: Pricing Expectations - JPMorgan anticipates that all iPhone models will see price increases, contrary to the common expectation that only Pro models would be affected [2] - The firm argues that if the price gap between the base and Pro models is too wide, it may reduce consumer motivation to purchase higher-end models [1] Group 4: Market Conditions - The report highlights that consumer spending is tightening and competition is intensifying, contributing to lower sales expectations for the iPhone 15 [2] - Unlike previous years, there is a lack of high expectations from investors ahead of the new iPhone launch [1]