Why Apple Shares Were Higher Today
Shares of Apple (NASDAQ: AAPL) were up by 2.6% by 11 a.m. ET today. The rise comes after Morgan Stanley (NYSE: MS) analyst Erik Woodring raised his price target from $175 to $180, highlighting five catalysts for the stock:
While increasing demand for iPhones, the success of new product launches, and the iPhone subscription service are subject to debate, it's beyond doubt that Apple has a significant opportunity to grow services revenue and improve gross margin.
For example, while reported services growth was just 6% in the last quarter, Apple was hit with adverse foreign exchange movements. Nevertheless, on a constant currency basis, services revenue grew by 13%, easily in line with Woodring's expectation for double-digit services growth in 2023.
Source Fool.com
