Favourable future for Apple, according to Morgan Stanley

The American multinational investment bank and financial services company Morgan Stanley recommended to go long (Buy) with Apple shares ahead of its Q3 earnings report.
The American multinational investment bank and financial services company Morgan Stanley recommended to go long (Buy) with Apple shares ahead of its Q3 earnings report.

Morgan Stanley Analyst Katy Huberty has a positive opinion on the market position of Apple (AAPL). She decided to reiterate the buy recommendation on the tech giant’s stock and raised her price target on Apple’s stock AAPL, +2.29% to $247 from $231 on Monday (July 22, 2019). That was ahead of the company’s June-quarter earnings report next week. As a result, Apple stock rose 2.3% to $207.22, on the stock market that day.

“Investor sentiment remains negative despite improving iPhone and services data points, with low expectations for the September quarter suggesting a positive setup into earnings,” Morgan Stanley analyst Katy Huberty stated in a note to clients. “We see multiple catalysts beyond earnings that make Apple a top pick into year-end,” she further added.

She also stated that Apple stock seems to be the top pick for the second half of 2019.

(Source: Nasdaq.com)

As of July 22, 2019, the price of an Apple share closed at $207.22. The current consensus based on 41 analyst opinions is to buy stock in Apple Inc. According to the 12-month forecast, the company has a median target of $217.00 whereas the high estimate and the low estimate are $250.00 and $150.00 respectively.

(Reference: Investor’s Business Daily, Market Watch, Yahoo Finance, CNBC, CNN Business)

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