Apple tops $100 following bullish Morgan Stanley note

|About: Apple Inc. (AAPL)|By:, SA News Editor

"We believe iWatch is an underappreciated market opportunity with the potential for up to 60M shipments in the first year," writes Morgan Stanley's Katy Huberty, bullish as ever on Apple (AAPL +1.2%).

Not surprisingly (given the watch industry's traditional margins), she thinks the iWatch will carry a 40%+ gross margin, thus boosting Apple's total GM.

Huberty also praises Apple's hiring of "over a dozen leaders in key areas of competency, including fashion, medical research, digital content & marketing, and wearables," and believes Tim Cook "now has the bench in place to execute on new product categories."

Shares have topped $100 for the first time since the split, and are close to a split-adjusted Sep. 2012 high of $100.72.