Apple shares fell this morning on strength of a downgraded price target announcement from Morgan Stanley as global financial markets continue to bleed.
Shares stand at $139.06 this morning after Morgan Stanley lopped $14 off the target price for Apple, offering revised guidance of $178 – but current share price could be a buying opportunity, as there’s still a c.$40 margin even at the new target price.
It’s not all doom and gloom on Apple stock, with CNN’s Philip Elmer-DeWitt predicting Apple will sell 5 million iPhones in the current quarter, citing Piper Jaffray analyst, Gene Munster.
Munster made his predictions today, and countered the Morgan Stanley target price cut with an increase in his own predictions for the firm – he says he’s “incrementally more confident” in Apple’s unit sales.
2.8 million Macs and 11 million iPod sales complete the triptych of his predictions for Apple’s Q4 sales success, the analyst said.
Munster maintained his existing $250 price target on the stock, reinforcing the notion that Apple shares at current price could represent a profit-making chance.
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