Apple shares close higher on Tuesday, Morgan Stanley revises up its price target for the stock to $194

Morgan Stanley was reported to have revised up its price target for Apple Inc (AAPL) to $194 from $182 previously. Additionally, the bank maintained an ”Overweight” rating on the stock.

Apple shares closed higher for the second time in the past six trading sessions on Tuesday. The stock inched up 0.04% ($0.06) to $158.73, with the intraday high and the intraday low being at $159.76 and $158.49 respectively. In the week ended on September 17th the shares of the technological company added 0.79% to their market value compared to a week ago, which marked the sixth gain in the past seven weeks, but yet, the smallest one since the week ended on August 20th. The stock has pared its loss to 3.21% so far during the current month, following a 10.27% surge in August. The latter has been a second consecutive month of gains and also the best monthly performance since February. For the entire past year, the shares of the NASDAQ-listed company rose 10.03%. The stock has gained 37.05% so far in 2017.

According to Katy Huberty, an analyst at Morgan Stanley, factors such as brand aspiration, customer loyalty, as well as weaker US Dollar allow for a higher price of Apple’s iPhone X without denting demand for the device.

”Innovation-led price increases historically boost, rather than hinder, Apple demand”, Huberty wrote in a client note, cited by Seeking Alpha.

Meanwhile, Morgan Stanley raised its full-year 2017 earnings forecast for Apple to $8.96 per share from $8.95 per share previously. The bank also revised up its full-year earnings forecast for 2018 to $12.60 per share from $11.80 per share and for 2019 to $12.35 per share from $11.38 per share previously.

According to CNN Money, the 34 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $180.00, with a high estimate of $208.00 and a low estimate of $140.00. The median estimate is a 13.40% surge compared to the closing price of $158.73 on September 19th.

The same media also reported that 24 out of 38 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 8 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Apple stock are presented as follows:

R1 – $158.85
R2 – $158.96
R3 (Range Resistance – Sell) – $159.08
R4 (Long Breakout) – $159.43
R5 (Breakout Target 1) – $159.84
R6 (Breakout Target 2) – $160.00

S1 – $158.61
S2 – $158.50
S3 (Range Support – Buy) – $158.38
S4 (Short Breakout) – $158.03
S5 (Breakout Target 1) – $157.62
S6 (Breakout Target 2) – $157.46

By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:

Central Pivot Point – $160.58
R1 – $163.26
R2 – $166.63
R3 – $169.31
R4 – $171.98

S1 – $157.21
S2 – $154.53
S3 – $151.16
S4 – $147.78

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