Philip Elmer-DeWitt / Apple 3.0 – Philip Elmer-DeWitt
Morgan Stanley’s Apple Bull case: $358. Base case: $200. Bear: $107 – From a note by analyst Katy Huberty that landed on my desktop Tuesday. Our $200 price target is sum-of-the-parts driven. We apply a 5.7x EV/Sales multiple on Apples Product business (iPhone, iPad, Mac, and Wearables) and a 10.9x EV/Sales multiple on Apples Services business, in-line with their respective peer groups. …
