Apple Q2 report may be ‘clearing event towards $300,’ says Morgan Stanley

Morgan Stanley notes memory inflation will pressure Apple (AAPL) margins, but call this “well-known” and expects gross margin downside to be more than offset by revenue upside in the June quarter guidance. All of this is seen making “for a better than feared earnings and a clearing event into WWDC this June and the iPhone launch in September,” the analyst tells investors in a preview of the company’s fiscal Q2 report. For the June quarter, the firm is 5% above Street revenue estimates, but 170 basis points below Street gross margin forecasts, leading to largely in-line EPS estimate of $1.74, adds the analyst, who has an Overweight rating and $315 price target on Apple shares.