The new price target reflects a higher revenue forecast, despite a recent spike in memory costs. Here are the details.

As , Morgan Stanley has bumped its price target for Apple’s stock by 3%, despite keeping its Overweight rating :

Morgan Stanley raised its price target on Apple to $315.00 from $305.00 on Wednesday, while maintaining an Overweight rating on the stock. (…) The 3% increase in the price target reflects the investment bank’s unchanged 32x multiple applied to its revised fiscal year 2027 earnings per share estimate of $9.83, up from the previous forecast of $9.55.

In the new forecast, Morgan Stanley also expects slightly higher iPhone shipments, despite anticipating that the replacement cycle will extend as users hold onto their phones for about a month longer.

They also predict a 130 basis points drop on Apple’s gross margin, “due to higher memory input costs, offset by a 5% higher revenue forecast that factors in price hikes resulting from commodity cost inflation,” per the .

Finally, Morgan Stanley noted that Apple’s incremental investments into AI will result in elevated operating expenses, “compared to historical seasonality”.

If confirmed, Morgan Stanley’s new price target would represent a 15.8% upside from Apple’s $271.84 closing price following a 1.01% drop today. Apple shares hit a new 52-week high of $288.61 earlier this month, amid renewed optimism around the iPhone 17 upgrade cycle, among other factors.