Morgan Stanley lowered Apple's target price from $360 to $355, but maintained an “overweight” rating. The agency said that after the iPhone was released, it re-evaluated pricing, specifications, delivery cycle, Siri AI, service business price increases, and supply chain conditions, and there was little change in the overall profit forecast. The main reason for lowering the target price this time is that the price of the new iPhone is lower than previously expected, putting some pressure on the average sales price and gross margin of the iPhone; although better iPhone sales expectations, improvements in the Mac business, and service revenue growth offset some of the effects, it is not enough to drive the overall profit forecast to rise significantly. Meanwhile, Apple's stock price has risen more than 30% in the past six months, and the current valuation is already at a high level, so there is limited room for a further increase in the target price. Morgan Stanley still expects Apple's earnings per share for the 2027 fiscal year and close to 11 US dollars for the 2028 fiscal year, but believes that the market's expectations for iPhone shipments in the December quarter may still be high.

Morgan Stanley lowered Apple's target price from $360 to $355, but maintained an “overweight” rating. The agency said that after the iPhone was released, it re-evaluated pricing, specifications, delivery cycle, Siri AI, service business price increases, and supply chain conditions, and there was little change in the overall profit forecast. The main reason for lowering the target price this time is that the price of the new iPhone is lower than previously expected, putting some pressure on the average sales price and gross margin of the iPhone; although better iPhone sales expectations, improvements in the Mac business, and service revenue growth offset some of the effects, it is not enough to drive the overall profit forecast to rise significantly. Meanwhile, Apple's stock price has risen more than 30% in the past six months, and the current valuation is already at a high level, so there is limited room for a further increase in the target price. Morgan Stanley still expects Apple's earnings per share for the 2027 fiscal year and close to 11 US dollars for the 2028 fiscal year, but believes that the market's expectations for iPhone shipments in the December quarter may still be high.