Getty Apple could reach a $1 trillion market cap in the next year, Morgan Stanley said Thursday. The bank upped its price target to $214 for the stock, citing Apple's hugely successful Services business. Follow Apple's stock price in real-time here. Morgan Stanley has once again raised its price target for Apple. The firm's new price target of $214 a share, announced in a note to clients Thursday, would result in a market cap of $1.024 trillion, thanks to a booming services business that could make up for any slump in iPhone sales.See the rest of the story at Business InsiderNOW WATCH: NBA ref explains why the James Harden step-back jumper isn't travelingSee Also:Wall Street's top-ranked stock picker reveals the 'aha moment' that shaped the rest of his wildly successful investment careerWall Street's top fund manager reveals the last 2 stocks he fell in love with — and breaks down why he expects them to soarMorgan Stanley has identified 17 stocks that will pay off hugely over the next 3 years no matter whatSEE ALSO: MORGAN STANLEY: Apple's era as an iPhone company is over — but there’s another business that’ll take its place (AAPL)