Morgan Stanley raised the firm’s price target on Apple (AAPL) to $273 from $216 and keeps an Overweight rating on the shares. The analyst also replaced Dell Technologies (DELL) with Apple as the firm’s top pick in enterprise hardware. Apple Intelligence is a “clear catalyst” to boost iPhone and iPad shipments, the analyst tells investors in a research note. The firm says its analysis into the iPhone installed base, upgrade rates, and mix shift “now points a record cycle ahead,” driving its fiscal 2026 earnings per share estimate to $8.70, 7% above the consensus. Morgan Stanley thinks Apple Intelligence is a “clear catalyst for a multi-year product upgrade cycle.”
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