Morgan Stanley noted that investors are “slightly more bullish” on Apple (AAPL.US) ahead of the company’s new iPhone launch next week, but institutional investors still have a negative view of the tech giant.
Analyst Erik Woodring said Apple will remain a “battleground” for investors, with the bearish believing Apple’s earnings in fiscal 2021 and 2022 are too high, while the bearish belief Apple is more unaffected by macro challenges. The analyst also said Apple’s shares have outperformed the S&P 500 by 3 percent since announcing its latest quarterly results.
In a report to clients, Woodring wrote: “However, we still see institutional investors as neutral/negative, and any unexpected upside on iPhone pricing, new features, carrier/channel subsidies, and other product launches could help bring the stock back to our $180 price target.”
Apple is widely expected to release its iPhone 14 lineup next week, along with a new watch, the Apple Watch, and upgraded AirPods.
New data released this week by Counterpoint Research shows that Apple has overtaken Android to capture more than half of the U.S. smartphone market.
