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The Ratings Game: Apple’s stock surges to another record after Morgan Stanley boosts price target

Shares of Apple Inc. rallied to another record close Tuesday, after an upbeat research report from Morgan Stanley, which cited optimism over the outlook for China sales.

The stock climbed 0.7% to $136.70, just off the fresh all-time intraday high of $136.75 hit in afternoon trade. That topped Friday’s record close of $135.72, and the previous intraday record of $136.27 reached on Feb. 15.

Analyst Katy Huberty raised her stock price target to $154, which was 13% above current levels, from $150. She believes that investor concerns that Apple has lost its edge in China—following a 24% decline in China sales over the past year—are misguided.

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