Apple likely remains range bound as result of uncertainty, says Morgan Stanley

Morgan Stanley says that while Apple’s (AAPL) March quarter results and June quarter guidance came in largely in-line with expectations, the firm thought management’s underlying commentary was “better than expected.” However, management didn’t clarify the percentage of product that would come from outside of China beyond the June quarter, the potential tools for tariff mitigation, and an updated timeline for the new Siri and with “plenty of uncertainty remain,” the firm thinks Street estimates are “still too high” and thinks Apple shares are likely to remain range bound as a result. Morgan Stanley keeps an Overweight rating and $235 price target on Apple shares.