Morgan Stanley lowers Apple price target to $298, suggests buying the dip

Morgan Stanley Apple. Image: Apple logoMorgan Stanley analyst Katy Huberty has trimmed her Apple price target to $298 from $328 while suggesting clients buy the dip.

The title of Morgan Stanley’s note to clients regarding Apple: “Embedding a Deeper Recession Outlook But Still Buying The Dip.”

Huberty cut her estimates due to massive economic headwinds caused by the coronavirus pandemic. The analyst maintains an “Overweight” rating on AAPL shares, calling Apple her “Top IT Hardware Overweight Idea” noting Apple’s loyal customer base, strong balance sheet, and upcoming 5G iPhone super cycle.

Shares of Apple are currently trading down $2.51 to $242.42 (-1.02%).

6 Comments

  1. Hubert says ‘Buy the dip’. Well we’re nowhere near the bottom yet. Everyone needs to get real, especially that clown Trump. This Chinese virus is causing such a massive economic tsunami that the world is heading for a Great Depression. That’s not being pessimistic- just realistic.

    1. That “clown” saved your sorry @ss by stopping flights from China while the commie dims screamed about waaaaycism! Trump has been so far ahead of his time from ripping the fake news who are now still reporting China’s fake numbers to fighting the trade war for years now against the bat eaters. The Nobel prize and a spot on Mt. Rushmore are not enough, we need A-bombs to carve this MAN’s face on the moon.

  2. I agree about the bottom…it’s not known, nor are we there. As long the politicians & bankers keep talking about the need for more infusions of $$, we’re still moving downward.

    The job #’s recently reported reflected just a part of March. The Gov’s Small Biz Relief Program (not official name) was essentially just confirmed and funds have yet to be delivered. Just these two items point to the bottom still being afar. Closer to “home,” Apple US Retail Stores will be closed until early May. What’s still yet to be revealed are business that close/default because of weakened demand/consumption….which in turn will have a further effect on employment.

    Buying the dip is a good principle, but Huberty’s voice is premature. AAPL hit $212 about a week+ ago, which I’ll guess will be a revisited dip…perhaps on a path further south?

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