Buy Apple Shares Before All Of The Smart People Start Buying, Says Morgan Stanley

Morgan Stanley analyst Katy Huberty has a new report, and in it she says it's time to buy Apple.

Her reasoning this time: Institutional ownership of Apple as a percentage of total funds is at a historic low. She assumes the smart money is going to rotate back into Apple with the iPhone 6 coming this year, and the iWatch perhaps also coming this year.

Before all of those people get into Apple, Huberty thinks other investors should get in. Apple shares have "upside" thanks to this dynamic.

Here's a chart looking at Apple in proportion to other fund sizes, relative to its historical range, and relative to other tech stocks.

Morgan Stanley