UPDATE: Apple (AAPL) PT Lowered to $185 at Morgan Stanley; Remains Only Consumer OW
Morgan Stanley analyst Katy Huberty lowered the price target on Apple (NASDAQ: AAPL) to $185.00 (from $195.00) while maintaining a Overweight rating. Remains Only Consumer OW.
The analyst comments "Apple has the world's most valuable technology platform with 1.8B active devices. While Apple is exposed to a potential slowing of consumer demand, we believe it is better positioned vs. other consumer hardware names with its sticky user base & history of investment through cycles. Tailwinds to drive a re-rating over the next year include 1) new product launches (iPhone 14 & rumored AR/VR launch), 2) PC market share gains on the back of M1 Macs, 3) increasing monetization of high margin services, and 4) strong cash returns. Longerterm investments in augmented reality, payments, health, autos and home can help sustain growth as Apple captures more of its users time and wallet share."