Morgan Stanley is optimistic about iPhone and raises or lowers Apple's stock price target

[CNMO Technology News] Morgan Stanley recently pointed out that despite the obvious growth trend in Apple’s iPhone, Mac and services revenue, it has lowered the target price of Apple’s stock to US$210. After revealing last week that Apple's iPhone orders increased in the June quarter, Morgan Stanley further observed rising demand for other devices. According to a report to investors, analysts at the agency pointed out that Mac computer shipments achieved year-on-year growth, which strongly promoted Apple's March quarter revenue growth.

The report revealed that supply chain data showed that iPad sales exceeded expectations by about 5%, with actual sales reaching 11 million units instead of the previously expected 10.5 million units.

Morgan Stanley raised its revenue forecast for Apple's services business by 1% based on the better-than-expected performance of the App Store. In addition to forecasts of future revenue, analysts are paying special attention to Apple's overall revenue performance in the third quarter, especially its revenue in the Chinese market, and are looking forward to seeing the growth of service revenue.

Looking forward, Morgan Stanley tried to find more clues about its artificial intelligence R&D investment and infrastructure construction from Apple’s financial report in March 2024. However, details about Apple's AI are expected to be relatively limited until June's Worldwide Developers Conference (WWDC). Nonetheless, Morgan Stanley's view is more optimistic than that of JPMorgan Chase. JPMorgan Chase previously revealed to investors that it expects artificial intelligence to have a limited impact on Apple's earnings before the release of the iPhone 17 in 2025. In contrast, Wedbush believes that artificial intelligence will help the iPhone 16 series achieve sales growth. According to news, Apple plans to release its second quarter 2024 financial report on May 2, 2024.

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