Apple Likely to Post Solid Quarter on Product Strength, Morgan Stanley Says

MT Newswires Live07-21

Apple (AAPL) is expected to deliver solid fiscal Q3 results on product strength and better-than-feared services growth, Morgan Stanley said in an earnings preview Monday.

Ahead of the release of Apple's quarterly results on July 31, Morgan Stanley said its revenue estimate for iPhone is now 2% higher than consensus because of upside from shipments and average selling prices.

Morgan Stanley said it also boosted its estimates for iPad by 9% and Mac by 1% due to stronger-than-expected end demand.

The firm also raised its services forecast by 60 basis points to a year-over-year growth of 11.6% as the App Store's 11.6% growth exceeded its expectations.

"Concerns about services growth deceleration in the June quarter appear overblown," the firm said.

Morgan Stanley maintained the company's overweight rating and $235 price target.

Apple shares were up 1.6% in recent trading Monday.

Price: 214.53, Change: +3.35, Percent Change: +1.59

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