Morgan Stanley Raises Apple Price Target to $360 on New AI-Powered Siri, Stock Falls 3% After WWDC

According to Morgan Stanley analyst Erik Woodring, Apple's stock fell over 3% on Tuesday following the WWDC keynote speech, while the analyst simultaneously raised the company's price target from $330 to $360 per share, implying approximately 20% upside from Monday's close of $301.54. Woodring believes the market is missing a major opportunity, as the new AI-driven Siri will trigger a large-scale hardware upgrade cycle.

Of the 1.3 billion iPhones in circulation, approximately 850 million lack sufficient hardware to support Apple Intelligence, as the upgraded Siri requires at least 12GB of unified memory. Woodring expects the new features to drive over 10% services revenue growth by 2027, with product business achieving double-digit growth, with functionality expected to roll out this fall.