JPMorgan analyst Samik Chatterjee expects a balance of better than expected September quarter results as well as weaker than expected guidance for the December quarter from Apple. Sell-through for the iPhone 16 series started off slower than iPhone 15, and while momentum has improved in recent weeks, the magnitude of the improvement is still putting volumes modestly below last year, the analyst tells investors in a research note. The firm says the slower momentum is leading it to forecast iPhone revenues in fiscal Q1 to track below consensus. It keeps an Overweight rating on Apple shares with a $265 price target.