Investment bank Morgan Stanley has raised its price target on Apple stock from $185 to $210, based on expectations of doubled iPhone sales in calendar year 2009. “We believe the market generally expects a doubling of iPhone units with the lower price point ($199) and we believe this is realistic, if not conservative,” the firm said in a note. It expects sales of 27 million iPhones in 2009, with an average revenue of $550 per unit. Finally, the bank said it believes that the mass market distribution and lower price of the iPhone 3G will drive revenue growth from software and services over time.
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