Apple shares retake key support level, gets target price hike from Morgan Stanley

“Apple (AAPL) stock jumped on Monday after getting a bullish report from investment bank Morgan Stanley, which reiterated its overweight rating and upped its price target on the company’s shares to 182 from 177,” Patrick Seitz reports for Investor’s Business Daily. “Apple closed up 0.35% at 149.56 on the stock market today.”

“Apple rose above its 50-day moving average, a key technical support level, for the first time in more than a month on Monday,” Seitz reports. “The stock has been forming a flat base over the past nine weeks with a buy point of 156.75.”

“Morgan Stanley analyst Katy Huberty expects Apple to report an in-line June quarter and provide a weaker-than-consensus September-quarter outlook on Aug. 1. She believes the September quarter will be impacted by ‘a slightly later iPhone launch than typical.’ She is modeling an October shipment launch instead of September,” Seitz reports. “The delayed launch sets up better-than-normal December and March quarters as new iPhone purchases are postponed, Huberty said.”

Read more in the full article here.

MacDailyNews Take: AAPL poked its head above the $150 mark today, so we’ll see what the rest of the week holds. Apple’s August 1st earnings report will be here before we know it — and then we’ll descend into the dog days of Apple silly season until September.


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