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Jabran Kundi

Morgan Stanley Is Doubling Down on Apple Stock Thanks to Still-High iPhone Demand. Should You Buy AAPL Here?

Morgan Stanley Apple AAPL Bank of America Securities Wedbush Securities

Apple (AAPL) has received its fair share of criticism in the past when it comes to the iPhone. From slow development cycles to reduced demand, the market has punished the stock without hesitation. Yet every time the iPhone maker looks to have plateaued, it strikes back. The recent note from Morgan Stanley analyst Erik Woodring shows how bullish the firm is on AAPL stock. And it has the numbers to back its bullish thesis.

The investment firm’s late 2025 AlphaWise Smartphone Survey shows upgrade rates in China going up by nine points YoY. Global blended iPhone upgrades have never been as high as they are now, while the switching rate to Apple has also reached a five-year high. On top of all this, 27% of the survey participants have shown an interest in the foldable iPhone. Bank of America Securities has already predicted 20 million sales of the foldable iPhone, with the launch just around the corner. Morgan Stanley now forecasts 6% iPhone revenue growth in FY26, compared to the Wall Street consensus of 3%.

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