Apple price target raised to $298 from $240 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Apple (AAPL) to $298 from $240 and keeps an Overweight rating on the shares. The firm says the iPhone 17 launch is modestly stronger than it originally expected. While the shares have largely priced this in, there is a positive bias to Apple’s consensus estimates over the next 12 months, the analyst tells investors in a research note. Further, Morgan Stanley is now “more excited” about the iPhone 18 launch. The firm increased its fiscal 2024 iPhone revenue estimate by 4% to account for better than expected iPhone 17 sell-through.