UPDATE: Morgan Stanley Raises PT to $720 on Apple

Morgan Stanley increases its price target to $720 from $515 on Overweight-rated Apple

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.