MobileIron Will Not Be Affected By Apple, IBM Deal According To Morgan Stanley

An array of analysts have piled in to comment on a deal recently announced between Apple AAPL and IBM IBM. A research report by Morgan Stanley focuses on the effect a deal will have on MobileIron MOBL.

“Whereas the key concept of IBM/AAPL partnership looks to be about delivering integrated mobility solutions to enterprises, we see the core MOBL value proposition as being about safely enabling BYOD - any app, any content, on any device,” said Morgan Stanley analyst James Faucette.

Related: Apple And IBM Announce Global Sales Partnership

Reasons MobileIron’s business will not be affect include: most customers use more than one operating system, resellers prefer selling MobileIron’s products due to a lack of channel conflict and a low level of churn.

Regarding estimates and valuation, Faucette writes, “we expect that if MobileIron is able to hit our current forecasts for 33.9% revenue growth in 2014 and 38.2% in 2015, the multiple is likely to expand to ~6x EV/Sales, hence our $13 price target.”

Shares of MobileIron are yet to be affected by the news, but are down 11.1 percent this week on other catalysts.