Morgan Stanley analyst Erik Woodring has maintained their bullish stance on AAPL stock, giving a Buy rating on May 7.
Erik Woodring has given his Buy rating due to a combination of factors that suggest potential upside for Apple’s stock despite current challenges. He acknowledges that Apple’s Services segment, which has historically been a strong growth driver, faces some risks due to legal challenges and changes in digital advertising dynamics. However, Woodring believes that these risks are longer-term and that the market may be overreacting to them in the short term.
Moreover, Woodring points out that Apple has a history of outperforming the market, especially during periods of negative sentiment. He also highlights potential positive catalysts, such as improving US-China trade relations and upcoming events like the Worldwide Developers Conference (WWDC), which could provide further growth opportunities. These factors contribute to his optimistic outlook on Apple’s stock, justifying the Buy rating.
In another report released on May 7, Citi also maintained a Buy rating on the stock with a $240.00 price target.