https://wccftech.com/apple-nasdaq-aapl-wins-a-target-hike-from-morgan-stanley-nyse-ms-due-to-sustained-app-store-momentum-even-as-global-lockdown-eases/

Apple (NASDAQ:AAPL) has been experiencing somewhat of a bittersweet relationship with the ongoing pandemic-induced spatial distancing measures and lockdowns instituted throughout wide swathes of the globe. While the sale of its iconic iPhone handsets has been affected by these measures, the downside has been compensated, to a certain extent, by strong App Store sales. Given that a synchronized global lockdown now appears to be ending, analysts were expecting a gradual decline in Apple’s recent App Store boom. However, recent findings by Morgan Stanley (NYSE:MS) paint a far rosier picture, prompting the Wall Street powerhouse to upgrade the iPhone maker’s stock price target.

Morgan Stanley has now raised the stock price target for Apple to $340 from $326, constituting an upside potential of 4.94 percent relative to the current price level of $324 (as of 11:20 a.m. ET). Analyst Katy Huberty retained an ‘Overweight’ rating for the stock on the back of sustained strength in Apple’s App Store sales. As per Morgan Stanley’s estimates, the App Store sales have registered a 35 percent year-over-year increase in the current quarter through May. This level of growth is almost double the previous estimate put forth by the Wall Street behemoth.