Why Apple Shares Are Making New All-Time Highs Today

Apple Inc AAPL is trading higher Tuesday after Morgan Stanley raised its price target on the stock.

Morgan Stanley analyst Katy Huberty maintained Apple with an Overweight rating and raised the price target from $164 to $200.

Apple shares are not currently pricing in the company's upcoming product releases, according to Huberty. The Morgan Stanley analyst thinks that the stock will trade at a higher premium when Apple gets closer to releasing an augmented and virtual reality product. 

"Despite a consistent and material revenue contribution from new products and services over time, Apple shares don’t seem to bake in the impact from upcoming new product launches," Huberty said.

"We believe this will change as Apple approaches the launch of an AR/VR product over the next year."

See Also: Apple Analyst: Cupertino's Stock Is Attractive Versus Other Mega Caps Despite Valuation

AAPL Price Action: Apple has traded as low as $116.21 over a 52-week period. It's making new all-time highs during Tuesday's session.

The stock was up 3.41% at $170.94 at time of publication.

Photo: courtesy of Apple.