大行评级丨大摩：上调至苹果目标价315美元，列入2026年科技硬件类股首选之一

Core Viewpoint - Morgan Stanley has raised Apple's target price from $305 to $315, indicating a positive outlook for significant growth opportunities by 2026, positioning it as one of the preferred stocks in the technology hardware sector for that year [1] Group 1: AI and Cloud Spending - The firm believes that despite upward price risks in infrastructure, Apple can maintain relatively stable demand in the cloud sector [1] - Material cost pressures, particularly due to a significant rise in RAM costs, are expected to be a common challenge across the industry [1] - Currently, artificial intelligence is not viewed as a major revenue driver for Apple in the short term, with no clear product or service revenue explosion point observed yet [1] Group 2: Product Momentum - Morgan Stanley is optimistic about the performance of the iPhone 17 cycle, benefiting from an extended five-year upgrade cycle, core feature upgrades, and improved carrier subsidies and trade-in programs [1] - By the end of the 2026 fiscal year, it is anticipated that approximately 550 million iPhones will remain unable to upgrade to Apple Intelligence, with ongoing upgrade demand expected as new Siri versions and third-party large language model support become available [1]