JPMorgan cut its iPhone shipment forecast for the December quarter once again as Apple faces the fallout from the temporary shutdown at one of its largest assembly plants. Analyst Samik Chatterjee trimmed the bank’s shipment estimates to 70 million from 74 million and cut the bank’s price target on the stock to $190 a share, citing supply chain challenges resulting from the plant closure in China. The cut accounts for a downdraft of 2 million iPhone 14 Pro units and 2 million Pro Max units. “While the rapid extension of lead times for the iPhone 14 Pro / Pro Max has slowed down and in fact began to moderate in recent weeks, it still remains elevated relative to the lead times seen prior to the COVID outbreak in Zhengzhou,” he said in a note to clients Monday, adding that the supply shortfall should continue through the end of the year and weigh on the typical seasonal upshot in volumes. The bank previously cut estimates for the December period by 8 million, accounting for 5 million fewer Pro and 3 million other iPhone shipments. While the bank trimmed its shipment forecast for the current period, it upped estimates for the March quarter to 63 million from 61 million, expecting the period to make up for some of December’s shortfalls. Given this, Chatterjee expects only a modest impact on fiscal 2023 estimates and demand, noting that Apple consumers, historically, are willing to wait out delays. His forecast now expects 235 million iPhone shipments for the full year, down from a previous 237 million estimates, and representing a 5% decline year over year. Apple’s stock has tumbled more than 25% this year, with JPMorgan’s new price target implying a near 44% upside from Monday’s close. — CNBC’s Michael Bloom contributed reporting.