Morgan Stanley cuts Apple price target to $252, cites Siri delay, tariffs

Morgan Stanley has cut its price target for Apple stock from $275 to $252, citing delays in the rollout of an updated version of Siri and challenges posed by tariffs. The postponement of Siri upgrades has raised concerns about slowing iPhone upgrade rates, with about 50% of iPhone owners indicating that these delays influenced their decision not to upgrade to the new iPhone 16. Additionally, Morgan Stanley decreased its earnings per share estimate for Apple for fiscal year 2026 from $8.52 to $8.00, reflecting the anticipated impact of higher product import costs due to tariffs. The brokerage projects no growth in iPhone shipments for this fiscal year and a modest 6% increase in fiscal 2026. Despite these challenges, analyst Erik Woodring remains cautiously optimistic about potential sales driven by future iPhone redesigns. He notes that the upgrade cycle may continue to lengthen, contributing to uncertainties in Apple's sales trajectory.