Morgan Stanley Sees Revenue Boost in Apple's Fall Product Cycle

Morgan Stanley raised its revenue estimates for Apple after the company's fall product launch, citing stronger iPhone builds and higher pricing in its Mac and Services segments.

However, the firm also noted that lower iPhone average selling prices and increased memory costs would largely offset these gains, leaving its earnings outlook little changed.

The firm cut its Apple price target to $355 from $360 while maintaining an 'Overweight' rating. BofA warned that agentic AI could weaken Apple's control over discovery and transaction initiation even if iPhone sales remain intact.