Morgan Stanley analyst Katy Huberty issued an investment report on Thursday, saying that Apple’s June fiscal quarter results and executives’ expectations for September’s fiscal quarter results will exceed Wall Street’s expectations. She maintained her “overweight” rating on Apple stock and raised her target stock price from $162 to $166.
Huberty said that Apple’s stock price has risen by more than 20% since the beginning of June for three reasons. First, the performance of technology giants is generally good. Apple, Amazon, Alphabet, Microsoft, and Facebook all rose higher than the S&P 500 index; second, the growth of App Store business accelerated in June; third, the supply chain data showed strong iPhone production growth, She raised the iPhone shipment forecast for the next fiscal year ending in September 2022 from 231 million to 238.5 million.
Huberty expects Apple’s revenue and earnings per share for the June fiscal quarter to be 74.7 billion and 1.02 US dollars, respectively, higher than Wall Street’s consensus estimate of 72.9 billion and 1 US dollars. She believes that investors can buy Apple stock before the iPhone 13 is released.
