“Pacific Crest’s Andy Hargreaves today reiterates an Outperform rating on shares of Apple and a $690 price target, writing that his ‘checks’ indicate that the company is seeing ‘material’ improvements in yields of components for the next iPhone model, which he thinks means there could be 20 million more units sold this year than he’d previously thought, and possible upside for the stock to between $720 and $750,” Tiernan Ray reports for Barron’s.

“In particular, Hargreaves things are improving for the so-called in-cell display technology that is supposed to make for a thinner screen for the iPhone 5,” Ray reports. “Hargreaves thinks Apple can ship four or five million units of the new model this quarter, the fiscal Q4, and 20 million of the existing models. He sees perhaps as many as 50 million units of iPhone 5 being manufactured in the December-ending Q1, higher than his previous model for 43.7 million, and more than that in the March quarter, higher than his previous model for production of 43.2 million.”

Ray reports, “Hargreaves also repeats his claim that Apple may ship 10 million units of a smaller iPad, called the ‘iPad Mini,’ in the December quarter, on top of 15.5 million of the existing model.”

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