Apple (AAPL) Pullback Is A Buying Opportunity - Morgan Stanley

Morgan Stanley analyst, Katy Huberty, reiterated her Overweight rating on shares of Apple (NASDAQ: AAPL) believing that the weaker supplier guidance reflects Apple’s already more cautious Nov 1 guidance. She believes the 8.5% pullback is an overreaction and investors should use the weakness to buy shares.

The analyst stated that the weaker supplier guidance "doesn’t impact our Services growth forecast, which is tied to installed base rather than new shipments. We’re buyers on unit-driven pullback given Services and share repurchases drive future earnings". No change to the price target of $253.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $188.01 yesterday.

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