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July 13, 2020, 11:59 a.m. EDT

Apple target gets a boost at Morgan Stanley on hopes for expanded trade-in programs

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By Emily Bary

Apple Inc. /zigman2/quotes/202934861/composite AAPL +3.32% could get a boost from expanded uptake of iPhone trade-in programs, Morgan Stanley's Katy Huberty wrote Monday. She upped her price target on Apple's stock to $419 from $340, while maintaining an overweight rating and arguing that improved adoption of iPhone trade-ins creates a "sustainable competitive advantage" for Apple. She said that adoption of device trade-in programs in general is on the rise, with 48% of people already taking advantage, according to a recent Morgan Stanley survey, while 77% of consumers surveyed said that they anticipate that they'll trade in an electronic device by 2021. She calculates that if iPhone trade-in adoption were to reach 77%, iPhone affordability will improve by at least 10% in the next five years. In her view, a growing interest in sustainability could help drive a further shift in consumer behavior. Apple shares are up 3.6% in Monday trading. The stock has rallied 45% over the past three months as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.05% has gained 13%.

/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 452.04
+14.54 +3.32%
Volume: 41.37M
Aug. 12, 2020 4:00p
P/E Ratio
34.36
Dividend Yield
0.73%
Market Cap
$1870.59 billion
Rev. per Employee
$1.98M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,976.84
+289.93 +1.05%
Volume: 342.07M
Aug. 12, 2020 5:10p
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