Credit Suisse analyst Robert Semple today raised his target price on Apple Inc. (AAPL) from $120 to $140 per share.
In a research note to clients released today, Semple wrote that Apple’s iPhone “will elicit a superior perceived value” vs. other so-called “smartphones” because of iPhone’s technical superiority. Semple also noted that consumers’ will view iPhone as a “”hot product” and will therefore desire to own the device.
The analyst estimates that Apple will sell 5 million iPhones in 2007 and 15 million of the devices in 2008.
Apple’s iPhone is set for release on June 29th.