“This morning, brokerage firm Morgan Stanley issued an upgrade to Apple, lifting the tech giant to Overweight and upping its target price to $180 from $105,” Mark Fightmaster reports for BloggingStocks.
“Morgan Stanley feels that Apple is a clear leader in the world of mobile Internet and that the iPhone will drive the company’s earnings growth over the next two years,” Fightmaster reports.
“Morgan Stanley believes that the iPhone will be the source of 50% of the company’s earnings in 2010, up from 30% in 2008. The firm’s analyst said, ‘We expect a price cut to the current generation iPhone to drive 50 percent to 100 percent (2 million to 4 million units) incremental unit demand… Our survey data suggests 15 percent plus of the iPhone installed base typically upgrade to a new phone,'” Fightmaster reports.
Full article here.
