Apple (AAPL, $388.66) reported another blowout quarter yesterday, which, based on the company’s rapid year-over-year earnings growth, shouldn’t come as a surprise to anybody.
Morgan Stanley has an Overweight rating on Apple, with a price target of $468. “Key catalysts over the next six months include: 1) launch of Mac OS X Lion; 2) launch of iCloud (Fall 2011); 3) new iPhone with possible price cuts on older versions in September; 4)new iPad launch with possible price cut this Fall; and 5) improving component costs and manufacturing yields which put upward pressure on margins or at the very least offset the negative impact from revenue deferrals and lower iPhone/iPad prices.” — Morgan Stanley Research, July 20, 2011
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