Morgan Stanley Cuts Apple Price Target Amid Limited Earnings Growth

Morgan Stanley has adjusted its price target for Apple Inc. (AAPL) to $355 from $360 while maintaining an Overweight rating on the shares.

The firm notes that Apple's product roadmap remains one of the most exciting in over a decade, but its earnings outlook hasn't changed significantly following the iPhone launch, leaving limited upside to the price target after a strong six-month run.

Apple's stock has surged over 30% in the past six months, trading at $333 with a market capitalization of $4.86 trillion.

Morgan Stanley said its model changed little after reviewing information since the iPhone launch, including pricing, specifications, lead times, Siri AI, Services pricing actions, and supply chain checks.