Services slowdown pushes Morgan Stanley's AAPL target down to $360

Morgan Stanley has pared its Apple price target from $364 to $360 after slowing Services growth and higher memory costs weakened its earnings outlook, despite strong demand for the company's products.


The investment bank kept its Overweight rating on Apple, but analyst Erik Woodring said two of the three factors that usually support the stock are under pressure. Morgan Stanley identified those factors as the , up 16% from the previous year. iPhone revenue reached a June-quarter record of $54.3 billion, while Mac revenue climbed 29%.