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Morgan Stanley trims Apple price target after launch despite revenue lift
The firm raised revenue forecasts, but warned that softer iPhone pricing and higher memory chip costs are pressuring Apple’s profit margins.
Morgan Stanley kept its bull stance on Apple, maintaining an Overweight rating while trimming its price target to $355 after the company’s recent product launch, according to MarketBeat Ratings.
In a note cited by MarketBeat Ratings, analyst Erik Woodring lifted revenue forecasts, pointing to stronger iPhone shipments, continued Mac sales strength, and better-than-expected pricing in Apple’s Services business.
At the same time, the firm flagged margin pressure, saying softer iPhone pricing and rising memory chip costs could squeeze profits even if top-line momentum improves, MarketBeat Ratings reported.