Morgan Stanley cuts Apple (AAPL.US) price target to $355: roadmap is exciting, but valuation is full, and storage cost per iPhone has risen nearly 200%.

Zhito Finance APP has learned that Apple (AAPL.US) has delivered its most exciting product roadmap in more than a decade, yet the stock price has already run to the upper limit of the valuation that investment banks are willing to give. On October 1, Morgan Stanley analyst Erik Woodring's team released an Apple Global Idea report, slightly lowering its target price from $360 to $355 while maintaining an "Overweight" rating.