Apple (AAPL) iPhone-related factors will be the main drivers of near-term estimate revisions and stock performance, Morgan Stanley said in a note Friday.
One such factor is the Apple Intelligence phase 1 rollout consumer response, which Morgan Stanley believes is “too early” to evaluate now.
Other factors are the timing of when iOS18.2 will be launched in December and the timing of the rollout of the iPhone SE4, Morgan Stanley said.
On Apple’s fiscal Q4 results, the investment bank said they were “admittedly mixed,” with revenue lighter than Morgan Stanley’s above-consensus estimate but “still seasonally better than the last two September quarters.”
Morgan Stanley maintained Apple’s overweight rating and $273 price target.
Apple shares were down 1.8% in recent Friday trading.