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Morgan Stanley increases its price target to $720 from $515 on Overweight-rated Apple
AAPL as the company dials up the bull case.
Morgan Stanley says, "We see further upside to AAPL shares on meaningful EPS revisions as our new CY13 base / bull case EPS estimates of $60 / $80 are 24% / 65% above consensus. Our new $720 PT (prior $515) conservatively assumes no multiple expansion. AAPL has been added to Morgan Stanley's Best Ideas list."
AAPL closed at $568.10 a share yesterday.
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