Apple(US:AAPL) Ge Long Hui·2025-09-22 09:42Core Viewpoint - Morgan Stanley reports that early demand for the iPhone 17 series, which began pre-sales on September 12, indicates that shipment volumes are expected to exceed initial forecasts and potentially surpass the iPhone 16 series year-on-year [1] Group 1: iPhone Shipment Forecast - The forecast for iPhone shipments in fiscal year 2026 (October 2025 to September 2026) is set at 236 million units, reflecting a slight year-on-year increase of 2% [1] - The improved shipment outlook is expected to support iPhone revenue growth in the mid to high single digits [1] Group 2: Future Growth Projections - The introduction of foldable iPhones is anticipated to strengthen the upgrade cycle in fiscal year 2027, with pricing trends contributing to low double-digit revenue growth for iPhones [1] - Overall revenue growth for the company is projected to align with iPhone revenue growth, with a forecasted increase of 7% in fiscal year 2026 and 10% in fiscal year 2027 [1] Group 3: Target Price Adjustment - Morgan Stanley has raised the target price for Apple from $255 to $280, reflecting a projected price-to-earnings ratio of 29 times for fiscal year 2027 based on higher earnings forecasts [1]