Morgan Stanley Sees This Cycle as Different for Apple

In a report published Wednesday, Morgan Stanley analyst Katy L. Huberty reiterated an Overweight rating and $110.00 price target on Apple AAPL. In the report, Morgan Stanley noted, “Continued under-ownership, strong iPhone 6 demand, and expansion into new product categories make this cycle different and set up shares for significant upside. Near-term, we see potential for gross margin upside, which correlates to share performance, and expect a bullish C4Q outlook out of Apple.” Apple closed on Tuesday at $98.75.