Content: A noted analyst has slashed his expectation for Apple stock by about 10% given what he sees to be slower iPhone upgrade rates because of tariffs, and a delayed Siri with Apple Intelligence rollout.


In a note to investors written by Morgan Stanley's Erik Woodring, Apple's headwinds have been re-evaluated. The most recent fears for Apple's bottom line appear to be the postponement of Siri upgrades, higher product import costs because of Trump administration tariffs, with both leading to lower earnings per share.

While Woodring remains bullish on what may be a redesigned iPhone 17 driving sales, he's less certain about other avenues of success. He's decreased calendar year 2025 iPhone shipments a bit, with sales in 2025 being flat year-over-year, as opposed to an increase.


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