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Morgan Stanley raises FY18 iPhone estimates by 3%, hikes target to $154
Morgan Stanley analyst Katy Huberty and a team at the firm predict that the introduction of a high-end iPhone with an AMOLED display and other premium features in September 2017 is likely to drive accelerating upgrades and share gains, especially in China. Following an analysis of aged iPhones, loyalty rates, and purchase intention share for different smartphone brands in China, they now see a base case of 72M iPhones shipped in China during FY18 and raise the firm's FY18 iPhone estimate to 260M units, versus consensus at 241M units. Huberty, who raised her price target on Apple to $154 from $150, thinks consensus estimates and share price will rise over the next six months to reflect bullish supply chain data and the China opportunity