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Yahoo BusinessJan 17, 2020
Apple Optimism Grows as Morgan Stanley Is Latest to Raise Target
(Bloomberg) -- Apple Inc.'s price target was raised 24% at Morgan Stanley to a level below only one other Wall Street bank, the latest sign of ever-increasing confidence in the iPhone-maker.Morgan Stanley analyst Katy L. Huberty boosted her objective for the stock to $368 from $296, the second-highest among analysts followed by Bloomberg and implying upside of 17% for Apple shares from Thursday's near-record close.Apple shares rocketed 86% in 2019 and have extended those gains in 2020 after brokers including Credit Suisse and Argus Research raised their price targets. Optimism is increasing around the tech giant's performance over the holiday season ahead of first-quarter results due on Jan. 28.According to Huberty, who has an outperform recommendation on the stock, Apple should benefit from a potential reduction in the amount of time customers are taking to replace their smartphones. Features such as longer battery life and 5G technology will enable new functionality such as Augmented Reality, which along with "aggressive" iPhone trade-in offers imply that replacement cycles can't increase much further, she wrote in a note.But even as analysts have become more optimistic, with DA Davidson recently increasing its price target to a Street-high of $375, the average price target among analysts tracked by Bloomberg sees Apple declining 6.5% over the next 12 months from Thursday's close of $315.24.For IT hardware companies in general, Morgan Stanley sees challenges ahead in 2020 as a recovery in dem

MarketWatch MarketPulseJan 17, 2020
IBM stock falls as Morgan Stanley downgrades ahead of earnings
Shares of International Business Machines Corp. are off 0.8% in Friday morning trading after Morgan Stanley analyst Katy Huberty downgraded the stock to equal weight from overweight. She wrote that Morgan Stanley's recent survey of chief information officers "provides new evidence of core IBM revenue declines, particularly in software and services." The downgrade comes as IBM is due to report fourth-quarter earnings Tuesday afternoon. Huberty expects the company to give a full-year earnings outlook on its conference call, and her earnings-per-share estimate of $12.80 for calendar 2020 is below the $13.28 FactSet consensus and would be flat with what analysts expect for calendar 2019. IBM shares have gained about 2% over the past three months, as the S&P 500 has added 11%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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