Analyst raises Apple share price target to $340 following App Store boomA coronavirus app Store boom could become the new normal.
What you need to know
Morgan Stanley has raised its Apple target share price.
Katy Huberty says that strong App Store performance is the key.
She believes high engagement spurred by the pandemic could become the "new normal".
Morgan Stanley analyst Katy Huberty has raised her target Apple share price to $340, citing strong App Store performance.
As reported by AppleInsider:
Investment bank Morgan Stanley has raised its Apple price target to $340, citing strong App Store performance and a broader upside to Services.
In a research note seen by AppleInsider, analyst Katy Huberty estimated that App Store net revenue grew 39% year-over-year in May 2020, marking the strongest growth in that sector since April 2017 and an 8 point acceleration from April 2020.
Based on that, the analyst has raised Morgan Stanley's June quarter growth estimate to 32% year-over-year, which assumes that App Store growth will slow to 2...
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Analyst raises Apple share price target to $340 following App Store boom
