Apple is the most valuable public company in the world — but it could get even bigger.
Morgan Stanley analyst Katy Huberty told CNBC that its share price has higher to go and it’s currently “under owned.”
Apple’s stock is up 69% year to date,and with a market cap of $1.18 trillion, it’s larger than the US energy sector. 
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Apple is the most valuable public company in the world — but it could get even bigger.
Morgan Stanley’s Katy Huberty told CNBC that its share price will get even bigger and that the stock is “under owned” and that “even the top 100 … holders of Apple (stock) have a position that’s less than the S&P 500 weighting.”
The tech giant’s market cap stands at $1.18 trillion, and Apple’s stock is up 69% year to date.
“We still think the stock has room to run,” said Huberty, who spoke to CNBC at the Morgan Stanley APAC Summit on Wednesday. The managing director and head of North American hardware tech research added that iPhone sales and share buybacks will help buoy the shares.  

CNBC noted that Morgan Stanley’s 12-month price target for the stock is $296 — roughly 11% higher than Tuesday’s close of $266.29. 
RBC echoed Huberty’s sentiments last week, saying that it expected Apple’s stock to rise 14% in the next year, — something that will take Apple’s stock past Morgan Stanley’s price target.
Bank of America found that Apple’s market cap is bigger than the entirety of the US energy sector. Last week Business Insider reported that the iPhone next year could become the leader in the 5G market.
Huberty added in the interview that the US-China trade war hasn’t damaged Apple as much as expected. “In the December quarter, again, gross margin guidance was better than expected,” adding that much of this was because Apple moved some its production away from China, where a bulk of parts and products are made. 
“With arguably the world’s most popular consumer product providing a stable foundation, AAPL has avenues for deeper integration into its customers’ lives and the balance sheet strength to return significant cash flow to shareholders,” RBC analyst Robert Muller said in a note.

Muller’s price target for Apple is just shy of Morgan Stanley’s, at $295. 
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