JPMorgan gave a ‘Buy’ rating on Apple (NASDAQ: AAPL) on Monday, October 12, with an Apple stock price target of $340. 

The bullish call comes in spite of the recent order cut rumors, which analyst Samik Chatterjee acknowledged in the research note.

Specifically, delivery times for the iPhone Pro Max slowed more sharply than those for the iPhone Pro. Although the decline was driven primarily by international markets rather than the United States, it still suggests weaker demand compared with the same period last year.

Indeed, Apple itself had already forecast slower growth for the September quarter, projecting revenue growth of 9% to 11%, down from 16% in the June quarter, and a gross margin of 47% to 48%.