Apple PT cut by Morgan Stanley on delay in Siri AI revamp
Apple AAPL.O edges down 0.2% at $220.71 premarket, underperforming a recovery in Big Tech stocks
Morgan Stanley cuts PT on world's most valuable company to $252 from $275, citing fewer AI catalysts for iPhone sales after Apple delayed roll-out of revamped Siri to 2026
MS lowers estimate for iPhone sales; expects no growth in shipments this fiscal year and a 6% increase in fiscal 2026
Brokerage also modeling an additional $2 billon in product costs this year due to recent U.S. tariffs on Chinese exports
"While we believe Apple is taking actions to help mitigate tariffs, it's unlikely Apple can fully offset this cost without broad tariff exemptions" - MS
Brokerage's new PT represents a 14.1% upside to stock's last close; shares have declined ~12% so far this year
31 of 46 brokerages rate the stock "buy" or higher, 11 "hold" and 4 "sell" or lower; their median PT is $253 - data compiled by LSEG
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