Morgan Stanley lowered its Apple share-price target to $355 from $360 while maintaining an Overweight rating, citing limited changes to its earnings outlook after reviewing the new iPhone lineup. The firm expects lower-than-anticipated average selling prices and higher memory costs to offset stronger iPhone production and potential upside from Mac and Services pricing. Jim Cramer said investors should remain alert to the iPhone Duo, Apple’s first foldable device, arguing that its longer-term effect on upgrades and the stock may be greater than Morgan Stanley’s near-term estimates imply. Apple shares were down about 1% Thursday at roughly $329, after reaching a 52-week high of $345.34 on Sept. 22 and declining more than 4% since then. The Duo starts at $1,999, opens for preorder on Oct. 16 and is scheduled for release on Oct. 23. Morgan Stanley estimates first-cycle production of up to 20 million units and fiscal 2027 revenue of $43 billion, or 14% of its projected $301.9 billion in total iPhone sales. The launch is the first iPhone cycle under CEO John Ternus, who succeeded Tim Cook on Sept. 1.