Apple shares rose 1.5% in pre-market trading Monday following a bullish Morgan Stanley report. The firm maintained an Overweight rating and a $315 price target for the tech giant.
A late-2025 AlphaWise Global Smartphone Survey shows global iPhone upgrade rates have reached record highs. Upgrade rates in China improved by 9 percentage points year-over-year.
Morgan Stanley expects Apple to be the only major smartphone manufacturer to gain market share in 2026. The firm forecasts 6% growth in fiscal 2026 iPhone revenue, which is 3% above Wall Street consensus. Switching rates to Apple hit a five-year high, indicating strong brand loyalty and customer acquisition.