Morgan Stanley reiterated its “Overweight” rating on the Cupertino-based consumer electronics juggernaut Apple Inc. (AAPL
), but went lowered its price target for the company.
Katy Huberty, an analyst with the firm, noted “We increase FY14 EPS by $2.47 to $44 on better iPhone 5c pricing and margins offset partially by weaker Mac sales due to DRAM constraints. Our new interactive model allows investors to test the impact of iPhone user growth, upgrades, mix and margins.” In light of the mixed outlook, Morgan Stanley lowered its price target on the stock from $630 to $540 a share.
Apple Inc. shares traded lower on Tuesday, shedding 0.31% on the day. The stock is down 8% YTD.
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