Apple Inc. (NASDAQ:AAPL) received an “Overweight” rating from Morgan Stanley, indicating a positive outlook. Strong iPhone sales led to an increase in September-quarter production plans. Analysts raised the September quarter iPhone build estimate to 54M units, citing better-than-expected sell-through. The firm has an Overweight rating and $240 price target on the stock.

Morgan Stanley believes that Apple’s story is turning a corner due to factors like elongated replacement cycles and pent-up iPhone demand. Institutions are more underweight on Apple compared to other tech stocks, presenting a potential breakout opportunity. The firm sees Apple as one AI partnership away from significant growth.

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Overall, the positive outlook from Morgan Stanley and the strong iPhone sales boost suggest a promising future for Apple Inc. Investors may want to consider this analysis when making decisions about their portfolios.

Read more at Yahoo Finance: Why Morgan Stanley Thinks Apple (AAPL) Shares Could Be Turning the Corner