Apple's latest hardware launch is strengthening the case that the company may be entering a broader AI-driven iPhone upgrade cycle. Morgan Stanley analyst Erik Woodring maintained an Overweight rating and a $360 price target, according to a market update shared by Walter Bloomberg. The central product is the iPhone Duo, Apple's first foldable iPhone, introduced on Sept. 9 with a 7.6-inch inner display, A20 Pro chip and redesigned Siri powered by Apple Intelligence. Woodring estimates that 57% of iPhone users still have devices older than the iPhone 15 Pro, creating a sizable potential replacement pool. Apple's new iPhone 18 Pro lineup also adds upgraded on-device AI processing and the new Siri AI experience, giving Apple Intelligence a more visible hardware foundation. Rosenblatt raised its AAPL target while continuing to argue that Apple needs stronger innovation to support its premium valuation. With shares trading around the high-$310s after the launch, Morgan Stanley's $360 target implies further upside if the new devices generate stronger-than-normal upgrade demand. The broader test is whether Apple can combine premium hardware and higher pricing with a genuine AI-led upgrade cycle, particularly as John Ternus inherited the CEO role amid heightened competition from Google and other AI platforms.