Peter Misek, an analyst for Jefferies, has raised Apple Inc. (NASDAQ:AAPL)’s target price to $900 per share, citing the production of iPhone5, iPad mini, and Apple TV, as his reasons for the upgrade. It is reported that Misek posted a research note, which claims that iPhone 5 ” will be the biggest handset launch in history.”
His analysis concludes that almost 700 million people will be eligible to purchase the new iPhone between now and 2013, as contracts expire, and they become eligible for upgrades. He writes, “We therefore see significant and very fertile ground for the iPhone 5’s success.”
Apple’s line of iPhones is definitely due for some upgrades and changes in appearance. Earlier this week, we reported that some consumers have become bored with the iPhone, and other lines of Apple products, due to similarities between new and old models. However, this does not completely ring true, with every consumer.
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CNET.com reports that after Apple Inc. (NASDAQ:AAPL) shares dropped in price, following a weaker than expected earnings report for the 3rd Q, they have now been boosted to an all time high of $645 per share. This boost is presumably from the expectation of record sales related to iPhone5 , which is scheduled to debut in September.
Analysts are raising expectations for Apple Inc. (NASDAQ:AAPL) in response to consumer surveys, and data gathering. Piper Jaffray’s analyst, Gene Munster, has reiterated many times in the last few months that he feels Apple is a good buy. His latest analysis suggested that Apple could sell as many as 28 million iPhones in the September quarter alone.
Couple all of this with the fact that Apple Inc. (NASDAQ:AAPL) is reportedly in negotiations to manufacture a TV which could double as a cable streaming device, and you have a recipe for record profits.
Peter Misek has raised his share price target to $900 for Apple Inc. (NASDAQ:AAPL), and it is definitely looking like a good possibility, as the prices for stock in the tech giant continue to perform well on the market today.