3 reasons why Apple stock is Morgan Stanley's Top Pick for 2025
The first catalyst is the anticipated impact of Apple Intelligence, the company’s AI-driven initiative, on iPhone replacement cycles. While near-term iPhone demand is subdued, Morgan Stanley highlights that broader availability of Apple Intelligence starting in fiscal 2025 could drive a surge in demand.
Morgan Stanley expects services revenue to grow at an 11.4% compound annual growth rate through fiscal 2027, outpacing consensus estimates. Finally, Morgan Stanley expects Apple’s gross margins to expand steadily over the next three years, benefiting from a favorable mix shift, cost efficiencies, and faster-growing services revenue.
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