12月18日，摩根士丹利发表报告，将苹果的目标价由305美元上调至315美元，看好其在2026年具备可观的成长机会，列入2026年科技硬件类股首选之一。
在人工智能与云端相关支出方面，该行认为，即便基础设施价格存在上行风险，苹果在云端需求上仍可维持相对稳定。不过，随着存储器(RAM)成本大幅上扬，物料成本(BOM)压力恐成为产业共同挑战。该行也指出，目前并未将人工智能视为苹果短期内的主要变现引擎。尽管相关布局方向正面，但尚未看到明确的产品或服务营收爆发点。
产品动能方面，大摩看好iPhone 17周期的表现，指出该系列受惠于延长至五年的换机周期，加上核心功能升级，以及电信商补贴与旧机换新方案改善，有助支撑销量表现。展望2027年，该行预期，苹果在2026会计年度结束时，市面上仍将约有5.5亿台iPhone无法升级至 Apple Intelligence，随着新版Siri与第三方大型语言模型支援逐步到位，后续升级需求可望延续。
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