Morgan Stanley lowered Apple's price target from $360 to $355, while maintaining an "Overweight" rating. The bank stated that under the leadership of new CEO John Ternus, Apple's innovation cycle over the next two years could be the most impactful in over a decade, driving four consecutive years of iPhone sales growth. Morgan Stanley forecasts Apple's EPS to be close to $10 in fiscal year 2027 and close to $11 in fiscal year 2028, with a compound annual growth rate of approximately 13% for earnings through fiscal year 2028.