Loop Capital Cuts Apple Price Target to $330 on iPhone Outlook

Apple said U.S. stores will have limited walk-in iPhone Duo availability at its Oct. 23 launch, as Loop Capital cut its Apple target to $330 on a lower estimate of recoverable shipments.

Loop lowered its rating to Hold from Buy and its price target to $330 from $370, a reduction of about 11%. Apple closed at $339.50 on Oct. 20, leaving Loop’s new target about 2.8% below the prior-day share price. The comparison shows the gap between Loop’s valuation and the closing price; it does not mean the stock was expected to move directly to the target.

Loop Capital analyst Ananda Baruah’s revised estimate assumes roughly 13 million iPhone shipments removed from second-half 2026 plans will not be recovered through 2027. Loop had previously expected many units cut from its September and December quarter plans to return, a view covered in its earlier 2027 shipment outlook. The firm tied those cuts to memory and processor constraints; its revised estimate followed new supply-chain checks. The 13 million figure is Loop’s estimate, not an Apple shipment forecast.

Baruah lowered his normalized earnings-per-share estimate to $11 from $12 and applied a 30-times multiple to reach the $330 target. At the same multiple, the previous $12 estimate would have produced $360, $10 below the former target of $370. The calculation explains Loop’s valuation and is not an Apple forecast.

On Oct. 19, Samik Chatterjee reiterated JPMorgan’s Overweight rating and $360 target for Apple. He said iPhone Duo delivery timelines extending into 2027 could support a higher-priced product mix over time if consumer preferences shift toward foldables. Chatterjee also cautioned that long waits reflect challenges ramping up supply of the new model and that it is early to judge demand. The views frame different questions: Loop’s estimate focuses on shipment recovery, while Chatterjee’s centers on the potential product mix.

Apple’s walk-in availability statement does not quantify total iPhone shipments, and the company has not confirmed Loop’s 13 million-unit estimate. The statement concerns stock available to customers buying in stores at launch.

Apple’s fiscal third quarter ended June 27, before its fall launches. Revenue was $109.4 billion, up 16% year over year, and iPhone, Mac and Services each set June-quarter revenue records. Apple has scheduled its fiscal fourth-quarter results call for Nov. 2 at 5 p.m. ET (2200 UTC).