Apple's stock heads for 5th-straight loss, Morgan Stanley reiterates bullish stance
Shares of Apple Inc. slumped 0.7% in morning trade, to track the day's selloff in the technology sector and the broader stock market, as it heads toward a fifth-straight loss. That would be the longest such streak since the five-day stretch ending Nov. 15. The stock has now shed 6.4% since closing at a record $181.72 on March 12. Morgan Stanley analyst Katy Huberty tried to dispel investor fears, as she reiterated her outperform rating and $203 stock price target, which is 19% above current levels. "As Apple's prospects for generating outsized iPhone growth fade as the handset market matures, some investors fear Apple's best days are behind it," Huberty wrote in a note to clients. "We disagree and see increasing value in the Apple platform, particularly through services monetization." The stock has gained 0.5% year to date, while the tech-heavy Nasdaq 100 has climbed 6.2% and the Dow Jones Industrial Average has lost 1.0%.
