Morgan Stanley Reiterates Overweight Rating on Apple, $330 Price Target

Morgan Stanley analyst Erik Woodring reiterated an Overweight rating and $330.00 price target on Apple (NASDAQ: AAPL).

“To-date, Apple has performed purely on the back of underlying Products and Services strength; AI has been effectively irrelevant to the story.

But as we’ve seen across numerous companies and industries over the last 12-24 months, being seen an “AI Winner” drives a clear inflection in fundamentals, valuation, and sometimes both.

We believe Apple’s Worldwide Developers Conference (WWDC) is a clear catalyst that can help shift Apple into the “AI Winner” bucket (perceived or otherwise), just as WWDC 2024 did when Apple outperformed by 20 points on the back of 6x turns of multiple expansion.

Apple now has the fundamental technology backbone (GOOGL Gemini backing Apple Foundation Models), the industry-leading security standard, and appears to have a reformulated AI strategy (a new Siri and Apple Intelligence platform) needed to compete with incumbent consumer-centric Agentic platforms – all at a time where the market is starving for a new AI platform that can ease the myriad shortages that exist across AI today.

Said differently, Siri/ Apple Intelligence 2.0 has the potential to become the ultimate AI resource offload and deliver a form of Agentic AI to the consumer at a lower cost than incumbents, vertically integrated across one of the largest device installed bases.

If WWDC 2026 successfully outlines this path – please see Exhibit 1 for how we define “success” – we see valuation potentially reaching $365-385, all the way up to $440 per share.

We think Cupertino is positioned to deliver and reiterate our OW rating.”

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