Analysts, led by Katy Huberty, have raised their target price on shares in the iPhone maker from $ 144 to $ 152, up 15.1% over Wednesday’s close over the next 12 months. The team reiterated its “overweight” rating on the stock and sees the technology sector as “attractive” for the next year. Morgan Stanley expects Apple’s first-quarter revenue and earnings to hit all-time highs despite more cautious investor forecasts. The bank expects double-digit sales growth in all five segments. Leading indicators suggest iPhone and services sales are above consensus and recent market trends are likely to add post-profit pop, the team said in a statement to customers. “With positioning in the quarter following the rotation of high quality stocks in the past few months, we expect strong follow-up after earnings and buying on the press,” they added. Apple gained up to 3.3% on Thursday. Tech stocks have led indexes higher in recent sessions after Netflix earnings beat estimates in the fourth quarter. Apple’s earlier earnings reports showed that investments in its services and wearables businesses are offsetting the slowdown in iPhone sales. Still, the iPhone 12 line-up launched in late 2020 is expected to boost cellphone revenue, Morgan Stanley said.
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