Jim Cramer: Katy Huberty Is Being 'Prudent' on Apple

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Morgan Stanley's  (MS) - Get Report price target on Apple  (AAPL) - Get Report was cut to $156 from $164 by Katy Huberty.

Huberty said in the note that the price target cut reflected lower multiples being granted to several of Apple's peers, but maintained her overweight rating.

"Following strong March quarter App Store results and an analysis of the key drivers of Apple's Licensing & Other segment," she said, "we raise our already above-street FY21 and FY22 Services revenue estimates by 3% and 5% respectively, and are increasingly convinced that consensus Services forecasts over the next 2+ years are too low."

However, Jim Cramer is not worried about the price target cut.

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