On March 25, Apple (AAPL) unveiled Apple TV+, its video streaming services, and Apple News+, its paid new subscription services. During the event, CEO Tim Cook tried his best to highlight the company’s focus on delivering quality content through its video streaming services. Apple also announced two of its other services including Apple Card, its credit card, and Apple Arcade, its game subscription services.
Morgan Stanley raised its target price
Many analysts, investment banks, and equity research firms reacted positively to Apple’s event on March 25. According to Thomson Reuters, Morgan Stanley raised its target price on Apple stock to $220 from $197.
In the last few months, Morgan Stanley has changed its target price on Apple on multiple occasions. In December, the investment bank cut its target price on Apple to $211 from $236.
On January 25, a few days before Apple’s earnings release for the December quarter, Morgan Stanley analyst Katy Huberty said, “We believe the recent pullback is an attractive entry point given upcoming services launches,” according to CNBC.
After Apple’s first-quarter results on January 29, Morgan Stanley lowered its 12-month target price on Apple to $197. Morgan Stanley increased the target price to $220 on March 26.