J.P. Morgan lowers PT on Apple; stock lags Big Tech peers in early trading

J.P. Morgan lowers PT on Apple AAPL.O to $230 from $240; maintains "overweight" rating

Brokerage moderates its demand forecast for iPhone 17 series for the latter half of the year, cites continuing macro uncertainty, pull-forwards in demand ahead of anticipated tariff-led price increases

Apple's shares AAPL.O down 0.13% at $201.30 premarket

New PT still implies a more than 14% upside to the stock's last closing price

Brokerage lowers earnings estimates to reflect the likelihood of downside to earnings in the medium-term because of consumer demand pull-ahead

Other Big Tech stocks higher premarket: Nvidia NVDA.O up 1%, Alphabet GOOGL.O gains 1%, Meta Platforms META.O rises 0.7%, Microsoft MSFT.O edges up 0.3%; Amazon AMZN.O rises 0.5% and Broadcom AVGO.O up 0.9%

33 brokerages rate AAPL "buy" and higher, 13 "hold" and four "sell" and lower; median PT is $235

Stock is down 19.5% YTD as of Wednesday's close