Investors should buy Apple shares because the new iPhone this year will drive sales and earnings above Wall Street expectations, according to Morgan Stanley, which reiterated its overweight rating on the company.
"Introduction of a high-end iPhone in September 2017 is likely to drive accelerating upgrades and share gains, especially in China. In addition to more modest updates to current iPhone SKUs, we expect Apple to launch a higher-priced device with AMOLED display that allows for a curved form factor and longer battery life, wireless charging technology, 3-D sensors and more advanced AI software capabilities," analyst Katy Huberty wrote in a note to clients Tuesday.
"While we see accelerated upgrades for Apple's highest end users in all regions, our work suggests China users are especially sensitive to new technology and form factor changes."
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