Morgan Stanley Raises AAPL Price Target on iWatch Expectations
Morgan Stanley has, for the first time, included the mammoth sales potential of Apple's still-rumored iWatch in the firm's outlook for where shares of Apple will go in the coming year.
By all accounts, Morgan Stanley analyst and prominent Apple watcher Katy Huberty is optimistic. On Monday, Huberty shared with investors her buoyant outlook on Apple and sales prospects for the iWatch. In the process, she retained an Overweight rating while raising her price target for AAPL (from $99 to $110).
"We see a range of 30-60M iWatch unit sales in the first 12 months of availability based on historical penetration of past iDevice," Huberty explained.
But the analyst's optimism isn't exclusively rooted in sales projections for products that don't yet exist. Huberty is confident that Apple will impress Wall Street with earnings next week with June quarter results at the high end of guidance.
As of early afternoon Monday on Wall Street, shares of Apple are moving upward and approaching $97.