Apple (NASDAQ) surged 2% in premarket trading Monday after Morgan Stanley analysts upgraded it to a Top Pick, raising the price target from $216 to $273. Analysts are bullish on Apple Intelligence’s potential to spark a multi-year device refresh cycle, predicting nearly 500 million iPhone shipments over the next two years. This upgrade is driven by an unprecedented installed base and new technology limited to a small percentage of current devices.
Morgan Stanley analysts also anticipate Apple’s improved outlook in China, expecting the introduction of Apple Intelligence to drive significant upgrades in the market. The analysts forecast Apple’s total revenue to hit nearly $485 billion by FY26, with strong growth in both iPhone and iPad segments.
