While the iPhone launch and unveiling has historically been a “sell-the-news” event, and Morgan Stanley doesn’t expect “the day-of stock reaction to the September 12th Wonderlust event to be any different this year,” the analyst continues to see upside to consensus and buyside expectations and expresses “conviction” that iPhone revenue will grow year-over-year in FY24. Despite concerns of a muted iPhone 15 cycle, the firm points to pent-up demand and positive mix shift driving average selling price, or ASP, growth to support its view, adding that iPhone pricing “will be the most important detail” at Apple’s event. Morgan Stanley keeps an Overweight rating and $215 price target on Apple shares.
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