Apple shares, which have fallen about 7% since the US made moves to curb Huawei Technologies earlier this month, have a near-term floor at $160, about 10% below price they were trading yesterday, according to analysts at Morgan Stanley.

Apple analysts are cautiously optimistic about the company expanding its services business, a move they see as offering long-term growth potential.

Apple’s stock closed at an all-time high yesterday, surpassing a 2012 record as investors look ahead to new products such as bigger-screen iPhones and a wristwatch-like device that may jumpstart revenue growth.