Morgan Stanley Apple · AAPL

Morgan Stanley Reiterates Overweight Rating on Apple Ahead of Earnings, $315 Price Target

Analyst: Erik Woodring 1 min read Reproduced verbatim
Rating
Overweight
Unchanged
Target
$315
Outcome
Reached
on June 2, 2026
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What the analyst said

Morgan Stanley analyst Erik Woodring reiterated an Overweight rating and $315.00 price target on Apple (NASDAQ: AAPL).

“We expect Apple to trade sideways to modestly lower after earnings on Thursday, as while iPhone 17 strength remains underappreciated by the Street — we are 4-8% above Consensus iPhone revenue in the December/March quarters — (1) Consensus is 7% too low on March quarter Opex, and (2) we are 30bps below Street gross margins in the March quarter, which is likely to limit any positive EPS revisions, even if revenue surprises to the upside.

Furthermore, we also see downside risk to Street June quarter EPS (MSe at $1.62 vs.

Consensus of $1.71) given memory costs headwinds continue to intensify, which are not fully incorporated by Consensus.

Finally, we’d remind our readers that seasonally, Apple historically underperforms the S&P more in C1Q than in any other quarter of the year, by a median of 400bps.

These 3 factors are what keep us tactically cautious ahead of earnings.”

Disclaimer
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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

AAPL trades at $338. The 16 analysts who set a target in the last 3 months range from $250 to $400, with a median of $358. This $315 target is 12% below the median.

Since the note AAPL has moved +36% (from $248). 12-month window: day 280 of 365, closes on January 26, 2027.

Track record

This call✓ Target reached on June 2, 2026, 4 months after the note.

Firm track recordMorgan Stanley: 81% of its 48 targets at least a year old were reached within 12 months (#9 of 26 firms). Accuracy ranking →

Morgan Stanley on Apple

Morgan Stanley price targets on Apple

8 calls from January 26, 2026 to July 31, 2026. The target went from $315 to $360 (+14%). The rating stayed Buy.

Morgan Stanley targetAAPL share price
  1. July 31, 2026Target cut from $364 (−1%)Buy$360
  2. July 23, 2026Target raised from $360 (+1%)Buy$364
  3. July 14, 2026Kept the $360 targetBuy$360
  4. June 9, 2026Target raised from $330 (+9%)Buy$360
  5. June 1, 2026Kept the $330 targetBuy$330
  6. May 1, 2026Target raised from $315 (+5%)Buy$330
  7. March 23, 2026Kept the $315 targetBuy$315
  8. January 26, 2026 This noteEarliest call shownBuy$315
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Other analysts on Apple

BernsteinBuy Kept rating and price target Oct 29 $370maintained EvercoreBuy Kept rating and price target Oct 27 $380maintained UBSHold Kept rating and price target Oct 20 $296maintained Loop CapitalHold Downgraded, cut price target −11% Oct 20 $330from $370 KeyBancSell Kept rating and price target Oct 19 $250maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.