Morgan Stanley Predicts Apple’s Stock Price Will Hit $200 Soon
Apple is the world’s most valuable company, with a market cap of over $2 trillion. However, it is expected to grow even bigger over the coming months and years as its products continue to appeal to consumers.
AAPL to Rally Towards the $200 Mark
Morgan Stanley analyst Katy Hubert has raised Apple’s price target to $200. The analyst previously priced the stock at $164, but it has performed excellently in recent months and surpassed that target.
According to Hubert, AAPL is currently a buy as the company enters new terrains such as the augmented reality and autonomous vehicle sectors. She also increased her December quarter iPhone shipment forecast by 4% to 83 million year-over-year. According to the analyst, Apple hasn’t been affected by the same supply chain challenges it faced in the third quarter of the year.
Hubert told investors that “Today, we know that Apple is working on products to address two significantly large markets – AR/VR and Autonomous Vehicles – and as we get closer to these products becoming a reality, we believe valuation would need to reflect the optionality of these future opportunities.”
AAPL Reaches a New All-Time High
AAPL is up by more than 2.5% since the US market opened a few hours ago. As a result, AAPL reached a new all-time high of $171.58 per share, with a market cap of just under $2.8 trillion. Year-to-date, Apple’s stock price has surged by more than 28%.
This latest development comes a few days after reports surfaced that Apple warned its suppliers that the demand for new iPhones is low heading into the holidays. As such, Apple is expecting to take a hit in its revenue for the third quarter of the year.
Apple said it expects to lose more than $6 billion in the current quarter due to the ongoing supply chain issues facing the global economy. However, Hubert’s note indicates that Apple might not face the supply chain issue it had expected.
This article was originally posted on FX Empire
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