Morgan Stanley Reiterates Apple (AAPL) Overweight Recommendation

Fintel reports that on July 25, 2023, Morgan Stanley reiterated coverage of Apple (NASDAQ:AAPL) with a Overweight recommendation.

Analyst Price Forecast Suggests 0.27% Downside

As of July 6, 2023, the average one-year price target for Apple is 192.24. The forecasts range from a low of 141.40 to a high of $252.00. The average price target represents a decrease of 0.27% from its latest reported closing price of 192.75.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Apple is 413,641MM, an increase of 7.41%. The projected annual non-GAAP EPS is 6.36.

• For more in-depth coverage of Apple, view the free, crowd-sourced company research report on Finpedia.

What is the Fund Sentiment?

There are 6394 funds or institutions reporting positions in Apple. This is a decrease of 13 owner(s) or 0.20% in the last quarter. Average portfolio weight of all funds dedicated to AAPL is 3.92%, an increase of 42.71%. Total shares owned by institutions increased in the last three months by 38.18% to 14,009,876K shares. The put/call ratio of AAPL is 0.86, indicating a bullish outlook.

What are Other Shareholders Doing?

Berkshire Hathaway holds 915,560K shares representing 5.82% ownership of the company. In it's prior filing, the firm reported owning 895,136K shares, representing an increase of 2.23%. The firm increased its portfolio allocation in AAPL by 19.39% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 465,280K shares representing 2.96% ownership of the company. In it's prior filing, the firm reported owning 459,387K shares, representing an increase of 1.27%. The firm increased its portfolio allocation in AAPL by 18.69% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 347,041K shares representing 2.21% ownership of the company. In it's prior filing, the firm reported owning 345,686K shares, representing an increase of 0.39%. The firm increased its portfolio allocation in AAPL by 18.16% over the last quarter.

Geode Capital Management holds 285,171K shares representing 1.81% ownership of the company. In it's prior filing, the firm reported owning 282,750K shares, representing an increase of 0.85%. The firm increased its portfolio allocation in AAPL by 18.38% over the last quarter.

Price T Rowe Associates holds 234,017K shares representing 1.49% ownership of the company. In it's prior filing, the firm reported owning 226,281K shares, representing an increase of 3.31%. The firm increased its portfolio allocation in AAPL by 22.14% over the last quarter.

Apple Background Information
(This description is provided by the company.)

Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. It is considered one of the Big Five companies in the U.S. information technology industry, along with Amazon, Google, Microsoft, and Facebook. Its hardware products include the iPhone smartphone, the iPad tablet computer, the Mac personal computer, the iPod portable media player, the Apple Watch smartwatch, the Apple TV digital media player, the AirPods wireless earbuds, the AirPods Max headphones, and the HomePod smart speaker line. Apple's software includes iOS, iPadOS, macOS, watchOS, and tvOS operating systems, the iTunes media player, the Safari web browser, the Shazam music identifier, and the iLife and iWork creativity and productivity suites, as well as professional applications like Final Cut Pro X, Logic Pro, and Xcode. Its online services include the iTunes Store, the iOS App Store, Mac App Store, Apple Arcade, Apple Music, Apple TV+, iMessage, and iCloud. Other services include Apple Store, Genius Bar, AppleCare, Apple Pay, Apple Pay Cash, and Apple Card. Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976 to develop and sell Wozniak's Apple I personal computer, though Wayne sold his share back within 12 days. It was incorporated as Apple Computer, Inc., in January 1977, and sales of its computers, including the Apple I and Apple II, grew quickly.

Additional reading:

• APPLE INC. Officer’s Certificate
• Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares which are reflected in thousands and per share amounts)
• SCHEDULE 13G RELEVANT SUBSIDIARIES AND MEMBERS OF FILING GROUP
• SCHEDULE 13G JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
• Form of CEO Restricted Stock Unit Award Agreement under 20

This story originally appeared on Fintel.

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