Morgan Stanley Reiterates Overweight Rating on Apple, $315 Price Target
Morgan Stanley analyst Erik Woodring reiterated an Overweight rating and $315.00 price target on Apple (NASDAQ: AAPL).
“A bullish AlphaWise Smartphone Survey suggests iPhone share gains and ASP growth lie ahead.
Apple stands out positively in our late-2025 AlphaWise Smartphone Survey, highlighted by China upgrade rates improving 9 points Y/Y, global blended iPhone upgrade rates reaching all-time survey highs, switching rates (to Apple) hitting a 5-year high, strong growth in average storage capacity desired (18% Y/Y), and strong interest (27% of sampled installed base) in a Foldable iPhone.
In fact, our survey suggests Apple will be the only major global smartphone OEM to gain market share in 2026, consistent with our recent checks.
Conversely, the consumer perception of, and willingness to pay for, Apple Intelligence is deteriorating Y/Y, while unprecedented memory price inflation is likely to drive global smartphone prices higher, a boon for the overall smartphone industry, though more so for Android over Apple.
Collectively, these results support our 3% above-Street FY26 iPhone revenue forecast (+6% vs.
Street at +3%), and point to strong potential for above-trend ASP growth from a Foldable iPhone in FY27, where our iPhone revenue is 4% above Consensus, implying the strongest two consecutive years of iPhone growth in over a decade.”
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