EFTA02346546

From: Richard Kahn Sent: Monday, February 13, 2017 5:53 PM To: Jeffrey Epstein Subject: Apple Still watching with a big smile. =1 know you talked about 135 potential exit... &nbs=;Stock 133.69. Cost basis 98.19. Unrealized gain 14,697,000 <=iv> Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Phone Fax =div style="direction: inherit;">Cell =r>Begin forwarded message: From: =/b> Richard Kahn Date: February 1, 2017 at 8:42:09 AM EST <=>To: "jeffrey E." <[email protected] <mailto:[email protected]» Subject: Fwd: Apple, Inc.: Smooth Sailing=Into Supercycle st=ck 127 premarket shares owned: 414,000 cost basis: 98.19 <=iv class="">unrealized gain: 11,927,368 total p=sition value:=52,578,000 Richard Kahn 575 Lexington Avenue 4th Floor NewYork NY 10022 tel al cel <=r class=""> 1 EFTA_R1_01317575 EFTA02346546 Beg=n forwarded message: "Morgan Stanley" <[email protected]&g=; Subject: Apple, Inc.: Smooth Sailing Into Supercycle Date: J=nuary 31, 2017 at 9:26:29 PM EST To: = <= class="">Reply-To: <[email protected]> <http://www.=organstanley.com/img/cs/spacer.gif> <=td> <http://www.m=rganstanley.com/img/cs/spacer.gif> chttp://www.=organstanley.com/img/cs/spacer.gif> <=td> <http://www=morganstanley.com/img/cs/spacer.gif> <http://www.=organstanley.com/img/cs/spacer.gif> <=td> <http://www.m=rganstanley.com/img/cs/spacer.gif> chttp://www.=organstanley.com/img/cs/spacer.gif> <=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> <http://www.morganstanley=com/img/cs/spacer.gif> <http://www.morganstanley=com/img/cs/spacer.gif> <http://www.morganstanley=com/img/cs/spacer.gif> Download Report chttp://l=nkback.morganstanley.com/web/sendlink/webapp/f/4nal9kfu-3pn8-g000-875a- 0050=6015201?store=l&d=UwBSZXNIYXJjaE9NUwAyYjI3M0kyYSlIODASLTExZTYtYjNmZ=04MzdIZDQ1MT1mNDE%3D&u ser=izvkt2ecgguvIn-0&_gda_=1549074389_2=07a024705f721844b1399aa46449a2> = = = =09 <http://www.morganstanley.com/img/cs/spacer.=if> Apple, Inc.: Smooth Sailing Into Supercycle Katy=L. Huberty, CFA — Morgan Stan=ey Apple is ou= top pick with the upcoming iPhone supercycle accentuated by the possibilit= of repatriation, tax reform, and M&A. Stronger Dec quarter and better t=an feared March guidance pave the path to our base case of $150, with $190 b=ll case becoming increasingly likely. December quarter suggests platform story intact. Over 20% normalized service= revenue growth, re-accelerating iPhone unit growth, and constraints across=several products are encouraging signs customer loyalty remains high and gr=wth will accelerate further with new products expected to launch later this=year. We are also encouraged by mainland China returning to growth (1) at c=nstant currency, which is consistent with the acceleration recently reporte= by BABA. Growth in Mac, iPad, and Services revenue in China supports our v=ew that users remain loyal to the platform but many 2 EFTA_R1_01317576 EFTA02346547 are waiting for a new i=hone form factor to upgrade.March quarter guidance better than feared. Th= mid-points of revenue and gross margin guidance are above our recently low=red estimates as improving China demand, normalization of supply, and price=concessions from suppliers help offset currency risk. While the pace of rec=very could slow in June as Apple prepares for its biggest iPhone launch in t=ree years, we expect the market to look through any weakness as was the cas= ahead of iPhone 6.We're increasingly convinced Street estimates are too lo= for FY18. iPhone returned to growth despite no major form factor change an= currency headwinds during the December quarter. iPhone engagement and loya=ty rates remain high, supported by 21% Services revenue growth (backing out=$548M litigation benefit a year ago). New OLED displays, improved battery t=chnology, and a redesigned form factor at the high-end of the portfolio are=likely to accelerate upgrade rates in FY18. China will lead growth, in our v=ew, and could account for all incremental iPhone shipments embedded in cons=nsus models next year, even if the upgrade rate d = This alert i= sent from: And=ew Atlas =You received this because you asked to be alerted to: APPLE I=C. = Please contact your FA if you want to unsubscribe from the a=erts. <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> =/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> Disclosures: Please see the full report for=risks, disclosures and other important information. https://www.morganstanley.com/online/researchdisclosure=. Morgan Stanley Wealth Management Not Acting as Municipal Ad=isor Morgan Stanley Wealth Management is not acting as a municip=l advisor to any municipal entity or obligated person within the mean=ng of Section 1SB of the Securities Exchange Act (the "Municipal A=visor Rule") and the opinions or views contained herein are not i=tended to be, and do not constitute, advice within the meaning of the=Municipal Advisor Rule. Copyright 3 EFTA_R1_01317577 EFTA02346548 The copyright in materials provided by Morgan Stanley is owned by Morgan Sta=ley & Co. LLC. Morgan Stanley Wealth Management is the trade name of M=rgan Stanley Smith Barney LLC, a registered broker-dealer in the=United States. ©=2017 Morgan Stanley Smith Barney LLC. 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