Morgan Stanley: Apple's upcoming report offers limited upside
Morgan Stanley keeps its Overweight rating and $355 target on Apple, but expects modest results and cautious guidance for the December quarter.
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what happened
Morgan Stanley sees limited upside to Apple's quarterly results ahead of the report. According to Sees Limited Upside Potential, citing a note reported by TheFly, the bank kept its Overweight rating and $355 price target, which implies about 4.6% upside from Tuesday's close of $339.50. The analysts expect September-quarter results broadly in line with forecasts and December-quarter revenue growth in the low-to-mid single digits, slightly below Street estimates.
Loop Capital downgraded the stock to Hold from Buy and cut its target to $330 from $370, saying Apple reduced its planned September- and December-quarter iPhone shipments by 10%. Apple also said the foldable iPhone Duo, launching October 23, will be available to walk-in customers in limited quantities, and online preorders sold out within minutes.
Apple reports fiscal fourth-quarter results on November 2. The shares have gained more than 26% so far this year, the best performance among the Magnificent Seven.
why it matters
Investors will watch iPhone sales, margins and pressure from rising component costs. With the shares trading near record levels, any disappointment in guidance could weigh on Nasdaq technology names and the VGT tech ETF.
market impact
AAPL and tech sector: iPhone sales and guidance set the tone for Apple shares
tags
instruments
sources
- Apple Faces ‘Slightly Challenging’ Earnings Setup Near Record Highs, Morgan Stanley Says — Sees Limited Upside Potential, 21 October 2026 at 15:41 UTC
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