NEW YORK (TheStreet) -- Apple Inc.'s (AAPL) - Get Report price target was increased to $160 from $130 at Morgan Stanley on Monday morning.

The firm said it upped its price target on the iPhone maker as it believes Apple deserves a higher multiple, in-line with platform companies.

Morgan Stanley believes the strong platform is creating a "halo effect" as users purchase multiple devices and additional services and software, reports.

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Morgan Stanley has an "overweight" rating on Apple stock. The firm also established a $190 bull-case scenario on Apple.

The Department of Labor has issued a report determining how Americans are spending their time and noted that Americans that use Apple products will do so for about one-third of their day, ValueWalk reports.

Morgan Stanley feels that Apple will be able to move itself into the additional 40% of the day, during which Americans are sleeping, thanks to the Apple Watch, which is scheduled for release this month.

The firm also believes Apple has the potential to aid users in the health, auto, and TV markets. It is possible that Apple products and services can eventually address user needs in close to 75% of their day, up from 33% currently, MarketWatch reports.

Shares of Apple are up by 0.23% to $128.75 in mid-afternoon trading on Monday.

Recently, TheStreet'sJim Cramer and Jack Mohr wrote on Action Alerts Plus that they raised their price target on Apple to $150 from $125.

Here is a small snippet of what Cramer and Mohr had to say about why they raised their price target:

"For starters, Apple is well positioned to capture the benefits of an accelerating smartphone upgrade cycle. Wireless carrier behavior has recently been changing to allow consumers to upgrade their cell phones before the expiration of standard contracts. This change in behavior is a promotional tool used to help keep customers from switching carriers by making it easier for them to upgrade their iPhone to the newest version rather than waiting the typical 2+ years.

Beyond this, we believe upgrades to the screen size, battery life, camera, biometric authentication and, importantly, services like Apple Pay/Passbook are additional reasons why consumers are enticed to upgrade their devices.

We have discussed extensively why we believe Apple Pay and Passbook have tremendous upside potential as consumers, both domestically and internationally (see China), are rapidly latching onto the product. We expect this momentum to continue and believe it will become increasingly embedded within the payment ecosystem over the coming years. Apple Pay has already been such a huge success, but we still think we're in the early innings of its growth story."

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Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Powered by its strong earnings growth of 47.72% and other important driving factors, this stock has surged by 76.44% over the past year, outperforming the rise in the S&P 500 Index during the same period. Regarding the stock's future course, although almost any stock can fall in a broad market decline, AAPL should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • APPLE INC has improved earnings per share by 47.7% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, APPLE INC increased its bottom line by earning $6.43 versus $5.66 in the prior year. This year, the market expects an improvement in earnings ($8.58 versus $6.43).
  • The net income growth from the same quarter one year ago has greatly exceeded that of the S&P 500, but is less than that of the Computers & Peripherals industry average. The net income increased by 37.9% when compared to the same quarter one year prior, rising from $13,072.00 million to $18,024.00 million.
  • Despite its growing revenue, the company underperformed as compared with the industry average of 30.9%. Since the same quarter one year prior, revenues rose by 29.5%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. When compared to other companies in the Computers & Peripherals industry and the overall market, APPLE INC's return on equity exceeds that of the industry average and significantly exceeds that of the S&P 500.
  • You can view the full analysis from the report here: AAPL Ratings Report