Morgan Stanley analyst Erik Woodring maintained a Buy rating on Apple today and set a price target of $298.00.
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Erik Woodring’s rating is based on a combination of factors, including the anticipated increase in iPhone production driven by strong demand for the iPhone 17 series, particularly the Pro and Pro Max models. This demand is expected to result in a 4% increase in iPhone revenue for FY26, with a 3% rise in units sold and a 1% increase in average selling prices.
Additionally, the introduction of the first-ever foldable iPhone and a total of six new iPhone launches in the upcoming cycle are projected to sustain high single-digit year-over-year revenue growth into FY27. These developments, alongside aggressive subsidies and an aging installed base in need of upgrades, support a positive outlook for Apple’s stock. Consequently, Woodring has raised the price target to $298, reflecting a 32x multiple of the new FY27 EPS estimate, which is 6% above the consensus.
Woodring covers the Technology sector, focusing on stocks such as Apple, Western Digital, and International Business Machines. According to TipRanks, Woodring has an average return of 2.9% and a 56.81% success rate on recommended stocks.
In another report released yesterday, Seaport Global also initiated coverage with a Buy rating on the stock with a $310.00 price target.