Morgan Stanley Remains Positive on Apple Despite Lower Institutional Ownership
In a report published Wednesday, Morgan Stanley analyst Katy L. Huberty reiterated an Overweight rating and $630.00 price target on Apple (NASDAQ: AAPL).
In the report, Morgan Stanley noted, “Investors often ask us about the sentiment on AAPL. The qualitative answer is that sentiment is negative as most funds question Apple's ability to grow revenue long-term. The quantitative answer is that AAPL is an anomaly among large cap mobile technology stocks with institutional funds owning a record low percentage of shares.”
Apple closed on Tuesday at $522.06.
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