AAPL Price Target Hiked to $700 on Bigger Screen Buzz

by Christopher Freeburn | May 29, 2014 10:29 am

With Apple (AAPL[1]) widely expected to launch its next-generation iPhone 6 in September, one investment firm has boosted its price target for AAPL shares[2].

[3]Bernstein Research had an AAPL price target of $615 per share. The firm has now raised its AAPL price target to $700 per share. According to Toni Sacconaghi, a Bernstein analysts, the firm is increasing its AAPL price target based on an anticipated surge in iPhone upgrades when the new models launch, MarketWatch notes.

Apple is expected to launch two iPhone 6 models later this year. One model is rumored to have a 4.7-inch screen, while the other takes a step into phablet territory, sporting a 5.5-inch screen. The current iPhone 5s has a 4-inch screen, smaller than many rival smartphones on the market.

“We believe investor anticipation of the iPhone 6 will be high because a new larger form factor could stimulate an accelerated replacement cycle and switching from Android users who value a large screen,” Sacconaghi wrote in a research note. He added that Apple may charge more for the larger iPhone, increasing revenue growth.

In Thursday morning trading, AAPL shares rose about 1%. Apple stock closed at $624.01 per share on Wednesday.

More AAPL News:

• AAPL: Everything You Need to Know About the Apple Stock Split[4]
• Apple: AAPL Stock WILL Reach $700[5]
• Move Over, AAPL: GOOG Once Again Most Valuable Brand[6]
• AAPL – 6 Things to Know About Apple and the Big Beats Buy[7]

Source URL: https://investorplace.com/2014/05/aapl-price-target-hiked-700-bigger-screen-buzz/

---