Morgan Stanley Sees $360 Apple Price Target on AI-Driven Upgrade Cycle

Morgan Stanley analyst Erik Woodring has reaffirmed his Overweight rating and $360 price target for Apple stock, citing the company's latest hardware launch as a significant step forward in its AI-driven upgrade cycle.

The iPhone Duo, Apple's first foldable iPhone, is seen as a major innovation by Morgan Stanley, with Woodring calling it 'the most innovative device in years.'

The new iPhone 18 Pro lineup includes the A20 Pro chip and upgraded on-device AI processing, which could convince hundreds of millions of iPhone users to upgrade.

Woodring estimates that 57% of iPhone users are still using devices older than the iPhone 15 Pro, creating a large pool of potential customers for Apple's new hardware.