Morgan Stanley analyst Erik Woodring says results from the firm’s annual AlphaWise Smartphone Survey are “more positive near term than expected,” showing that next 12-month iPhone upgrade rates are improving year-over-year in the U.S. and China. The firm, which says the survey results reinforce its multi-year iPhone upgrade thesis, adds that Apple (AAPL) Intelligence is an emerging catalyst to iPhone upgrades, with broader availability key to unlocking pent-up demand globally. Its survey shows prospective iPhone owners are willing to pay nearly $9 per month to get unlimited access to Apple Intelligence, implying $7B-$14B Services revenue upside in FY27, adds the analyst, who reiterates an Overweight rating and $273 price target on Apple, which is still the analyst’s Top IT Hardware Pick.
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