Morgan Stanley Reiterates Overweight On Apple

Morgan Stanley is out with a research report on Apple AAPL and is reiterating its Overweight rating and $468 price target. In a note to clients, Morgan Stanley writes, "Well timed and planned leadership transition. We view Apple's announced CEO transition as well timed given upcoming new product launches and accelerating market share gains in key markets. Importantly, we remain highly confident in our near-term EPS estimates and rank Apple as best positioned to see upward earnings revisions within our coverage universe." Shares of AAPL are off $9.18 in pre-market trading to $367.00.