Apple may be dealing with declining consumer demand and growing foreign exchange challenges, but JPMorgan is “not as concerned” about the tech company as investors are. Analyst Samik Chatterjee reiterated Apple’s overvaluation, saying in a Friday note that the tech company will remain resilient and will rise 40% this year, even amid slowing iPhone demand. “Contrary to popular investor sentiment and downside expectations for the estimates due to slowing consumer spending and foreign currency headwinds, we believe the near-term estimates are instead resilient compared to the conservative evidence the company already released on its last earnings call,” Chatterjee wrote. JPMorgan maintained its December price target of $200 for Apple. It means a 46% rise for Apple based on where shares closed Thursday. Apple shares are down 23% so far in 2022. The analyst believes that better handling of supply, as well as Apple’s pricing ability to pass on increased costs to consumers, will “more offset” the challenges related to lower demand and foreign exchange entering the 2024 fiscal year. A positive aspect in many aspects of business as well as financial matters that investors continue to under-appreciate, specifically the company’s shift to services, growth in installed base, technology leadership, and discretion in terms of capital deployment – all together which leads us to expect earnings growth from Double digits and a modest re-rating of the stock.” Apple shares fell slightly last Friday. —Michael Bloom of CNBC contributed to this report.