Editor’s Note: This analysis was originally published as a stock note by Morningstar Equity Research.
Apple’s Important Morning Star Metrics
Apple Stock Update
Apple AAPL has announced updates to all major operating systems at the World Developer Conference (WWDC, Keynote). Updates focused on visual redesigns of dubbing across the application and wider AI capabilities, as highlighted in iOS 26 (reflecting release dates before Calendar 2026).
Why it matters: I saw Apple’s software updates as primarily progressive but positive. We continue to see the company’s moats exemplified in the tight integration between hardware and software that allows for strong designs and attractive features that lock customers.
We focused on the surge in small but useful and useful AI features across the app. While Apple’s artificial intelligence deployment can last a long time and still lack the better Siri integration, AI believes it helps Apple develop new and useful features more quickly. In particular, it focuses on developers by allowing access to Apple’s device AI models for better integration with Apple Intelligence. We believe this can be built on Apple’s App Ecosystem network effects with more third-party AI capabilities.
Conclusion: We maintain a $200 fair value estimate of Wide-Moat Apple stock, with the long-term paper intact. Software updates meet the positive expectations that Apple will continue to develop a compelling consumer software ecosystem. Stocks seem to be valued quite a bit for us.
We continue to see geopolitical supply chains and tariff risks being sold properly to Apple stocks, particularly with expectations of more mitigated growth on the iPhone. These fit our own paper on sales growth for iPhone units that are healthy but slow.
Appearance: Apple’s software update will be available to consumers as a beta release in July, and will be released in full in the fall, as you hope Apple will unveil a new iPhone model. Potential new form factors (such as Ultrathin iPhone) are expected to complement Liquid Glass software updates.
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