Apple: Morgan Stanley cuts target price

(CercleFinance.com) - On Wednesday, Morgan Stanley reduced its target price for Apple shares from $275 to $252 (cp: $217, -1.
8%), while renewing its 'overweight' rating on them.

The analyst says he is concerned about the postponement of the installation of a number of advanced Siri functionalities within the iPhone, which leads him to anticipate a lower renewal rate for the device.

The broker says it is now targeting only 230 million deliveries for the current financial year (-1%), and then 243 million (-5%) in the following year.

Morgan Stanley says it has also included the impact of the implementation of customs surcharges in its targets.


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