On Wednesday’s after the close, analysts over at Morgan Stanley reiterated their Overweight rating on shares of AAPL whlie reaffirming their $130 price target. The analysts also raised FY21 revenue expectation to indicate 21.9% annual growth and expect 2021 earnings to rise 29.7% from annually.

Morgan Stanley’s coverage comes at an important time for Apple as a host of positive news surrounds the company with the upcoming Apple launch event. Analysts see the announced digital event as a driving catalyst.

For many years, Apple has found a way to make iPhone’s an item many people wait for and desire, as every new model means a better version. Currently, Apple is expected to unveil four new devices during next week’s iPhone launch event.

The analysts also believe that Wall Street estimates of the average selling price and unit are too low. This rationale has caused the analysts to raise her FY21 revenue and EPS estimates for Apple to 5%-6% above consensus following an iPhone mix and pricing analysis. 

They believes that this launch will greatly impact Apple and commented “we remain, buyers of Apple shares, ahead of the event and anticipate strong global iPhone demand to drive positive earnings revisions and stock outperformance throughout FY21”.

Overall, “Apple has the world’s most valuable technology platform with over 1.5Bn active devices, and is well-positioned to capture more of its users’ time and spend in areas such as music, video, augmented reality, health, autos, and home. Sustained mid-to-high-teens Services growth, positive product mix shift, and a re-acceleration of the hardware business are catalysts that can help sustainably re-rate shares.”

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Disclosure: At the time of publication, we are long Apple. We wrote this article ourselves, and it expresses our own opinions. We are not receiving compensation for creating this article (other than from TheStreet) and have no business relationship with any company whose stock is mentioned in this article.