Despite a recent Apple stock price target cut bank Morgan Stanley is amongst Apple’s biggest bulls — and it has proven that by nudging the company’s price target up to $216.
An Apple Store sign
An Apple Store sign
Morgan Stanley was oddly bullish about Apple even as it dropped its price target from $220 to $210. Following Apple’s Q2 2024 earnings report, the company has increased its price target to $216, and sounds as if it feels vindicated.
“Apple guided to an above-Street June Q, alleviated concerns about China iPhone [sales], reached an all-time Services rev & GM record, authorized its largest incremental buyback in history, & hinted at Gen AI announcements to come in weeks,” said the company in a note to investors seen by AppleInsider. “It’s hard not to be more bullish after that.”
Originally appeared here:
Morgan Stanley hikes Apple stock target after unexpectedly positive earnings