Morgan Stanley Sticks With 'Overweight' Rating as iPhone Demand Remains Steady

Morgan Stanley has reaffirmed its 'Overweight' rating for Apple stock and set a price target of $360.00. The firm cited steady iPhone 18 demand as the reason for this optimism, with lead times remaining broadly flat year-over-year internationally.

Apple's shares are trading near their 52-week high of $345.34, having risen by 36% over the past six months. However, according to InvestingPro analysis, Apple appears overvalued relative to its Fair Value, with a P/E ratio of 38.84.

The firm notes that China is the only exception where iPhone 18 Pro lead times are longer year-over-year. At 14 days after pre-orders started, iPhone 18 Pro lead times in China stand at 26 days compared to 24 days at the same point last year.