AAPL · News · 20261001N

Memory Cost / Margin Pressure

Apple Inc. · 2026-10-01 · Importance 17 · Surprise 24

Morgan Stanley expects higher memory costs to offset part of the revenue benefit from Apple's fall iPhone and Mac product cycle. The firm also expects lower iPhone average selling prices, creating additional pressure on product economics. Morgan Stanley therefore made little change to its earnings outlook while lowering its Apple price target.