Apple bull case raised to $191 at Morgan Stanley on strong 5G smartphone survey data

Nov. 30, 2020 8:05 AM ETApple Inc. (AAPL)AAPL, XLKBy: Brandy Betz, SA News Editor81 Comments
  • Citing an internal survey of nearly 3,500 consumers, Morgan Stanley raises Apple's (NASDAQ:AAPL) bull case price target from $171 to $191.
  • Analyst Katy Huberty writes that the AlphaWise survey, which included consumers in the U.S. and China, shows strong smartphone purchase intention driven by 5G.
  • Huberty: "Our conviction in the AAPL bull case is rising with iPhone 12 Pro lead times at record levels, upward revisions to supply chain forecasts, and US carriers noting strong initial demand. Our AlphaWise consumer survey outlines a bull case that is much higher than we previously thought, with iPhone upgrades expected to outperform other vendors and our past surveys correlating to future growth."
  • The analyst says the survey results translate to 268M bull case iPhone shipments in FY21, above the 213M consensus estimates and Morgan Stanley's prior bull case of 240M.
  • The iPhone ASP bull case is $842, 9% above consensus and the base case.
  • Here's a look at how Apple shares performed over the past year compared to the tech sector (NYSEARCA:XLK) and S&P 500. The rally was driven by optimism leading up to the 5G iPhone 12 launch:

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