Morgan Stanley says the new iPhone will drive Apple's 'stock outperformance throughout' 2021

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Morgan Stanley said Apple's product event next week will be a driver for the technology giant's stock. 

The Wall Street firm raised its 2021 revenue and earnings forecasts by 2%, now 5% to 6% higher than consensus, as it views "next week's iPhone launch as a catalyst to help AAPL shares re-rate toward" the firm's $130 per share price target.