Apple rises as Morgan Stanley says recent move 'overdone'
Scott Olson

Apple (NASDAQ:AAPL) erased earlier losses and rose more than 1.2% on Friday as Morgan Stanley reiterated its overweight rating on the tech giant.
Analyst Erik Woodring, who also has a $215 price target on Apple (AAPL), said it's "unlikely" that the recent headlines concerning China's ban of iPhone use in government agencies and state-controlled companies turns into something larger. He added that the recent decline is "overdone."

He also said that the emergence of Huawei's Mate 60 Pro smartphone, which runs on an advanced chip made in China, is "more bark than bite."
However, the recent decline, which resulted in the loss of nearly $200B in market cap for Apple (AAPL), could be the start of a more nationalistic China, Woodring explained. If the country were to limit the company's access to the country, it could result in more than $30B in operating profit being put "at risk."


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