August 6, 2015 / 12:54 PM / 2 years ago

BUZZ-Apple: Not a repeat of 2012, MS says, sticks with bullish call

(Adds UBS comments)

** Morgan Stanley reiterated its above-mean $155/shr price target and “overweight” rating on Apple and recommended investors buy on weakness

** MS says iPhone units will grow next year, supported by upgrades and the prospect of a discounted iPhone 6+ which brokers calls a compelling value proposition

** Says does not expect Apple to be fully immune to weak China but highlights that smartphones priced above $300 gaining ground a sign that Apple is converting previously mid-market smartphone purchasers to their platform

** Not a repeat of 2012, MS says, when Apple shares rolled over and suffered a more than 40 pct dip starting Sept, partly on the back of worries over margins

** UBS also gets behind stock. “Someday Apple might be too big to grow, but we don’t think that day has arrived,” UBS analysts say, keeping their price target at $150

** Both notes come day after BofA-ML became first tier-one bank this year to downgrade Apple shares this year (RM: vikram.subhedar.thomsonreuters.com@reuters.net)

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