Apple event ‘slightly more Awe Dropping’ than expected, says Morgan Stanley

Morgan Stanley analyst Erik Woodring calls Apple’s (AAPL) “Awe Dropping” product event yesterday “a small positive surprise,” telling investors that iPhone 17 prices are in-line with the firm’s forecast, but affordability is better year-over-year and the iPhone Air form factor and feature set exceeded the firm’s expectations. The firm, which believes estimates for the next 12 months are “biased upwards,” keeps an Overweight rating and $240 price target on Apple shares.