As Expected, Apple Is Raising Product Pricing

研报英文原文证据摘录

As Expected, Apple Is Raising Product Pricing

Update

June 25, 2026 10:33 PM GMT

Morgan Stanley & Co. LLCMApple, Inc. | North America Erik W Woodring

Equity Analyst

As Expected, Apple Is Raising Erik.Woodring@morganstanley.comDylan Liu +1 212 296-8083

Research Associate

Dylan.Liu@morganstanley.com +1 212 761-4519

Product Pricing Maya C Neuman

Maya.Neuman@morganstanley.com +1 212 761-1946

Apple’s 15-25% price hike for Mac, iPad, etc. underscores an Rauf Ural

unprecedented push to protect margins amidst record memory Research Associate

Rauf.Ural@morganstanley.com +1 212 761-5958

inflation. Timing/magnitude are pressuring sentiment, but

ecosystem lock-in, financing options, and relatively inelastic Apple, Inc. (AAPL.O, AAPL US)

IT Hardware | United States of America

demand could support revenue and earnings upside.

Stock Rating Overweight

Industry View Cautious

Key Takeaways PriceShr price,targetclose (Jun 25, 2026) $360.00$275.15

Mkt cap, curr (mm) $4,050,280

Apple raised Mac, iPad and accessories prices by 15-25%, consistent with prior 52-Week Range $317.40-199.26

messaging but earlier and larger than many expected.

The magnitude suggests a shift toward defending gross margins, not just

offsetting cost inflation, particularly from memory.

Demand elasticity is the key debate, but history suggests Apple’s ecosystem

supports relatively resilient pricing power and some level of demand inelasticity.

Our prior assumptions (5-10% increases for new-cycle non-iPhone products)

likely understated pricing, creating potential upside to revenue and EPS

estimates.

We expect price increases for iPhone 18, but margin vs. shipments strategy is still

evolving. That said, checks still indicate no change to build plans.

What's new? Apple raises Products prices by 15-25% across key non-iPhone