Morgan Stanley Dropped Apple Target to $185 (Katy Huberty Did Not)

Image via TipRanks

20 JUNE 2022 - A follow-up to a story I brought you recently. Midweek last week The Fly ran a report saying that Morgan Stanley analyst Katy Huberty had dropped her firm’s price target on Apple shares from $195 to $185. The piece had Huberty saying that #InThisEconomy, consumer spending was starting to weaken - even at the high end. The Fly said:

Huberty added that the risks of a pullback at even the high-end consumer space are rising, and that a majority of survey respondents expect to reduce spending in the next six months due to inflationary pressures.

It’s all true, except for one thing: The note was not written by Huberty, the analyst tasked with following Apple for Morgan Stanley. A piece over the weekend from Apple 3.0 says it was actually written by Morgan Stanley analyst Erik Woodring. Woodring’s LinkedIn profile lists him as Executive Director, Technology Hardware Equity Research at Morgan Stanley. TipRanks gives Woodring has a success rate of 53%. The same site gives Huberty a success rate of 59%.

It’s worth noting - it wasn’t the person who follows Apple specifically for the firm that lowered the firm’s price target. Of course, that does not negate the thinking in the note. Even if the Apple engine is purring like a kitten, if the road’s closed or there’s a detour, there’s a decent chance the journey will be slowed.

Morgan Stanley still has an “Overweight” rating on Apple shares. The firm’s price target on the shares is the aforementioned $185.