Apple Inc. (NASDAQ:AAPL) has been a darling of analysts recently owing to the upcoming launch of the iPhone 6, and Cowen & Company is the latest to give the tech giant some love. On Tuesday Cowen & Company officially became bullish on the stock and raised their price target to $102, expecting the stock to gain around 13% from their previous target of $90. This upward revision is based on an anticipated huge volume of sales for the company’s next-generation iPhone 6.
Huge demand for iPhone 6
Prospects for Apple Inc. (NASDAQ:AAPL)’s so-called ‘’iPhone 6” are very bright, as analysts are expecting record handset sales, even breaking the high standard set by the iPhone5 two years ago, according to analyst Timothy Arcuri. Two years ago LTE (Long Term Evolution) accessibility was somewhat limited, but it will not be an issue today.
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Furthermore, upply checks in Asia suggest that the company will have key components for some 100 million “iPhone 6” units before the end of the year. Arcuri believe the company is well prepared and is expecting huge sales for the holiday quarter and a hot start to 2015.
Apple Inc. (NASDAQ:AAPL) is also expected to a debut wrist-worn “iWatch”, which will be the next hot trend in the market. Expected sales could be between 10 million and 20 million units before the end of the year with an average selling price between $200 and $250, according to Arcuri. This will ultimately move the stock to new level.
Analysts bullish on Apple
Analysts were bullish on Apple Inc. (NASDAQ:AAPL) even before the 7-for-1 split that took effect earlier this month. Arcuri believes that split could get Apple included in the Dow Jones Industrial Average, where 30 major American companies such as AT&T, General Electric, Intel and Microsoft are found
Last Thursday, analysts at RBC Capital raised their price target on Apple Inc. (NASDAQ:AAPL) from $96.00 to $100.00, and rated the firm as Outperform. In a research note on Wednesday, June 11th, Deutsche Bank reiterated its Buy rating on the iPhone maker, and raised the price target from$92.86 to $105.00. Analysts at Monness Crespi & Hardt, in a note on Wednesday, June 11th, increased their price target from $93.00 to $100.00 and maintained their Buy rating. Two analysts have a Sell rating on the stock; fourteen have a Hold rating, while twenty-nine analysts currently rate the stock as a Buy.
Presently, Apple Inc. (NASDAQ:AAPL) has a consensus rating of Buy, and an average target price of $108.68.