Morgan Stanley: Apple's Trade-In Program Could Help Fund iPhone Upgrades for Years

With Apple (NASDAQ: AAPL) shares trading at all-time highs and briefly flirting with $400, Morgan Stanley analyst Katy Huberty reiterated her outperform rating and boosted the firm's price target from $340 to $419 on Monday. While Apple's iPhone trade-in program isn't new by any stretch, Huberty has crunched some numbers and argues that the offering is a "sustainable competitive advantage" that could be underappreciated by investors.

In fact, the program could help fund a meaningful portion of upgrades for years.

CEO Tim Cook holding the billionth iPhone. Image source: Apple.

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Source Fool.com