UPDATE: Morgan Stanley Reiterates Underweight Rating, Removes PT on Harman International Industries Following CarPlay Announcement

In a report published Tuesday, Morgan Stanley analyst Ravi Shanker reiterated an Underweight rating on Harman International Industries HAR, but removed the $44.00 price target. In the report, Morgan Stanley noted, “Apple formally announced the launch of ‘iOS in a car', now called CarPlay, following its initial introduction at its WWDC (see our initial report published June 10, 2013 for more details). CarPlay is an Apple in-car infotainment system that largely runs off the smartphone. It will initially launch with Ferrari, Mercedes-Benz and Volvo with 13 other OEMs expected to launch in 2014.” Harman International Industries closed on Monday at $104.44.