At Morgan Stanley that analyst is Katy Huberty. In a Fortune article she describes two possible scenarios for Apple. One is her best case. The other is her bearish take. Her bullish case is for Apple to sell 87 million iPhones and 65 million iPads, in which case she predicts Apple's stock to reach $540. Even if Apple ships only 72 million iPhones and 30 million iPads, the forecast is for $410.
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