Apple Inc. (NASDAQ: AAPL) shares are trading higher after Morgan Stanley reiterated an Overweight stock rating and named it a top pick, citing several “underappreciated catalysts.”
Apple’s “Underappreciated Catalysts”
Morgan Stanley analyst Katy Huberty said in a note to clients that Apple has several “underappreciated catalysts,” including strong demand for its latest iPhone models, which could lead to higher-than-expected sales growth. Huberty also noted that Apple is making progress in the enterprise market, and she expects the company’s services segment to continue to grow.
Huberty added that Apple’s recent investments in autonomous vehicle technology and augmented reality could also drive growth in the future. She said that while these areas are not expected to contribute significantly to Apple’s revenue in the near term, they could become essential growth drivers over the next few years.
Reiteration of Overweight Rating and Top Pick Status
Given these factors, Huberty reiterated her Overweight rating on Apple stock and named it a top pick. She set a price target of $230, representing a potential upside of 23% from the Stock’s current level.
Apple’s Share Price Reaction
Investors react positively to Morgan Stanley’s note, with Apple’s shares trading higher early morning. As of writing, Apple’s shares are up by 1.5% at $187.34 per share.
In conclusion, Morgan Stanley’s reiteration of its Overweight rating and top-pick status for Apple is a positive development for the company. The investment bank’s analysis highlights several catalysts that could drive growth for Apple in the future, which is likely to be welcomed by investors.
AAPL Stock Up 3.51% in Last Trading Session
During the last trading session, Apple Inc. (NASDAQ: AAPL) traded at USD151.03. The Stock opened at 148.04, with a high price of 151.11 and a low of 147.33. AAPL’s price-to-earnings ratio is 25.66, and its lowest price in the last 52 weeks was 179.61, while the highest price was 124.17. The average daily trading volume for AAPL is 67,403,424, and its EPS is 5.89.
AAPL’s Percentage Change in Price
The percentage change in price since the end of yesterday’s trading is 3.51. Yesterday’s closing price for AAPL was USD 145.91. AAPL’s share price increase in the last trading session is likely due to positive news and investor sentiment.
AAPL’s Market Cap and Shares Outstanding
AAPL has a market capitalization of 2,389,587,578,886, and there are currently 15,821,950,000 shares outstanding.
AAPL’s Recent Performance
Over the past year, AAPL’s stock price has been relatively volatile, experiencing highs and lows. In August 2022, AAPL’s share price hit an all-time high of USD198.56; in November 2022, the Stock hit a low of USD110.09. Despite this volatility, AAPL has maintained a strong market position and continues to be one of the most valuable companies in the world.
AAPL’s Business Outlook
AAPL has a diverse portfolio of products and services, including iPhones, iPads, Macs, wearables, home accessories, and services such as Apple Music and Apple TV+. The company’s iPhone sales continue to drive revenue, with the latest iPhone models proving popular with consumers.
AAPL has also been expanding its presence in the enterprise market, with its devices and services gaining traction among businesses. In addition, AAPL has been investing in new technologies, such as autonomous vehicles and augmented reality, which could drive growth in the future.
AAPL is also a dividend-paying company, with a dividend yield of 0.72%. The company’s most recent dividend payout was on February 10, 2023, and it paid a dividend of USD0.25 per share.
AAPL’s Overall Position
AAPL’s share price increase in the last trading session is a positive development for the company and its investors. AAPL has a strong market position and a diverse portfolio of products and services and is well-positioned to continue to grow.
The company’s dividend yield makes it an attractive investment option for income-seeking investors. However, as with any investment, investors should consider the risks associated with AAPL’s Stock and make an informed decision based on their financial goals and risk tolerance.