From: Richard Kahn Sent: Wednesday, August 1, 2018 2:32 AM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: A Clean Beat on the Path to $1 Trillion Rich=rd Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor<=div> New York, NY 10022 Begin forwarded m=ssage: From: Date: July 31, 2018 at 10:24:40 PM EDT To: Subject: Apple, Inc.: A Clean Beat on the Path to $1 Trillion=/b> Reply-To <=td> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> &nb=p; Katy L. Huberty= CFA — Morgan Stanley August 1, 2018 2:18 AM =GMT We see more=upside than downside risk to the upcoming iPhone product cycle and a buildi=g Services narrative. Even if device revenue growth slows, Services and We=rables can pick up the slack, delivering 5% revenue and 14% EPS growth annu=lly through CY20, supporting our SOTP-driven $232 PT. Estimates move higher on iPhone ASPs, Services, Wearables. F3Q revenue (+17%=Y/Y) beat expectations largely on iPhone ASPs (+20%) and Services (+31% re=orted, 28% normalized) with wearables (+37% Y/Y) maintaining momentum from p=evious quarters. Sept Q guidance also topped expectations and reflects a=similar mid teens revenue growth rate EFTA_R1_01792979 EFTA02603627