Morgan Stanley ups Apple price target to $216

Following Apple’s Q2 2024 earnings report, Morgan Stanley has increased its price target to $216 from $210.

“Apple guided to an above-Street June Q, alleviated concerns about China iPhone [sales], reached an all-time Services rev & GM record, authorized its largest incremental buyback in history, & hinted at Gen AI announcements to come in weeks,” said the company in a note to investors seen by AppleInsider. “It’s hard not to be more bullish after that.”

Morgan Stanley dismissed the falling iPhone sales figures, saying that the decline was much less than expected. It also noted that year over year, the iPhone actually grew in mainland China.

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MacDailyNews Take: Apple’s Services growth is finally starting to assuage the iPhone-fixated.
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