Morgan Stanley raises Apple target to $360 as iPhone Duo and AI bets take shape

Morgan Stanley is doubling down on Apple. Analyst Erik Woodring reaffirmed an Overweight rating on AAPL with a price target of $360, a figure that reflects a steady climb from $330 following Apple’s WWDC 2026 event in June. The bank briefly nudged that target to $364 before trimming it back to $360 in July, a minor recalibration driven by near-term friction in Services growth and rising memory costs. The core thesis, though, has not wavered: Apple’s pivot toward AI monetization, combined with a product lineup that now includes its first foldable device, sets the stage for what Woodring expects to be a meaningful upgrade cycle starting in late 2026 and accelerating into fiscal 2027. The iPhone Duo changes the product calculus Apple’s September 9 event, led by new CEO John Ternus, produced the headline product the industry had been anticipating for years. The iPhone Duo, Apple’s first foldable, ships with a 7.6-inch inner display and starts at $1,999 for the 256GB configuration. Pre-orders open October 16, with general availability following on October 23, 2026. Despite being a low-volume device by Apple’s standards, the bank estimates the foldable could contribute roughly $14 billio...