Morgan Stanley Lowers Apple Price Target Amid Limited Upside

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

The firm notes that Apple's product roadmap is among the most exciting in over a decade, but earnings outlook changed little 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.