JPMorgan has raised its target price for Apple’s share price to $235, citing the company’s resilience.

Apple has repeatedly shown itself capable of bucking industry trends, most recently with falling smartphone shipments. According to Counterpoint, while the industry saw a 38% decline in smartphone shipments in Q2 2023, Apple only saw a 6% decline.

According to a note seen by AppleInsider, JPMorgan credited Apple’s resilience with its raised target price. Specifically, the noted cited:

• Apple is a resilient earnings compounder rather than a product cycle company. Diversified revenue drivers within the hardware and a natural diversification of the replacement cycle.
• Proof of resilience driving the re-rating. Limited revenue downsides in rough years show the strength of a large install base.

Apple has long been known for appealing to a different demographic with its line of Mac computers than many PC makers, and the same is true for the iPhone. As much a lifestyle company as a tech company, Apple’s products are seen as a status symbol, insulating the brand from the downturns that commonly affect other manufacturers. JPMorgan’s latest upgrade is further proof.