Apple(US:AAPL) Ge Long Hui·2025-12-18 01:54Group 1 - Morgan Stanley raised Apple's target price from $305 to $315, highlighting significant growth opportunities by 2026 and listing it as a top pick in the technology hardware sector for that year [1] - The firm believes that despite upward price risks in infrastructure, Apple can maintain relatively stable demand in cloud-related spending [1] - Morgan Stanley does not currently view artificial intelligence as a major revenue driver for Apple in the short term, although the direction of related initiatives is positive [1] Group 2 - The report 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 expected that approximately 550 million iPhones will not be upgradeable to Apple Intelligence, with ongoing upgrade demand anticipated as new versions of Siri and third-party large language models become available [1]