Morgan 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%).