Morgan Stanley has reiterated its 'Top Pick' status for Apple Inc. ($AAPL) as it heads into 2025, maintaining a price target of $273. Analysts believe that artificial intelligence will significantly drive the upcoming iPhone upgrade cycle, contributing to Apple's recent stock performance, which has outpaced the S&P 500 by 10 points over the past month. The firm's optimism is bolstered by expectations of AI enhancing consumer demand and facilitating iPhone replacement cycles. Additionally, industry analysts predict that the S&P 500 will close above 6,600 by the end of 2025, with some estimates reaching as high as 7,100, reflecting a positive outlook for the broader market.