Apple may be dealing with lower consumer demand and growing foreign exchange challenges, but JPMorgan is “not as worried” about the tech company as investors. Analyst Samik Chatterjee reiterated his overly-heavy assessment of Apple, saying in a Friday note that the tech company will remain resilient and grow 40% this year, even amid slower iPhone demand scene. “Contrary to popular investor sentiment and expectations of a decline in estimates due to slowing consumer spending and FX trends, we believe short-term estimates are subject to change from guidance.” caution was issued by the company in its most recent earnings call,” Chatterjee wrote. JPMorgan maintains Apple’s December price target of $200. It implies a 46% gain for Apple based on Thursday’s closing stock position. Shares of Apple are down 23% so far in 2022. The analyst believes that Apple’s better handling of supply, as well as Apple’s pricing power to pass on increased costs to consumers, will ” more offsetting” challenges around falling demand and exchange rates going into fiscal 2024. “We see some aspects of our business as well as our finances that are still being held by investors. undervalue, it’s the company’s transition to Services, growth in installed base, technology leadership and options around capital deployment – all This together makes us wonder double-digit earnings growth and modest re-ratings for the stock,” the note read. Shares of Apple fell slightly in pre-market trading on Friday. — Michael Bloom of CNBC contributed to this report.