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Morgan Stanley lowers Apple target price by $23 to $252
- Morgan Stanley analyst Erik Woodring lowered Apple's stock price target by $23 to $252 due to delays in Apple Intelligence updates to its Siri digital assistant.
- The delay in Siri updates is expected to impact iPhone upgrade rates, with around 50% of iPhone owners attributing their decision not to upgrade to the delayed Apple Intelligence rollout.
- Woodring mentioned incorporating $2 billion of higher product input costs in 2025 to account for China tariffs, with some portion being mitigated by Apple's initiatives.
- Apple's partnership with a key supplier to build an AI-focused data center in Texas is part of its plan to invest over $500 billion in the U.S. in the next four years.
- Critics have expressed concerns over Apple CEO Tim Cook's leadership, suggesting he has been reactive rather than visionary, leading to setbacks in AI development and innovation.
- MacDailyNews raised questions about the effectiveness of John Giannandrea, Apple's Senior Vice President of Machine Learning and AI Strategy, in delivering meaningful AI advancements.
- The delay in Apple's AI efforts has been attributed to a lack of vision in leadership and a need for partnerships with established AI companies for significant advancements.
- Apple's marketing efforts surrounding its AI features at events like WWDC have been viewed as a strategy to portray innovation, despite potential reliance on partnerships for advanced AI technology.
- Despite criticism, Apple continues to innovate in other areas, such as rolling out fixes for security flaws and leading in the smart tag market.
- Apple's new Mac Studio, powered by the M4 Max and M3 Ultra chips, is positioned as the most powerful Mac ever made, catering to professional users.
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