“Bernstein Research raised its price target for Apple Inc., citing potential gains from the soon-to-be-introduced iPhone 6, which is expected to feature a bigger screen, and the speculated introduction of a smartwatch product,” Benjamin Pimentel reports for MarketWatch.
“Bernstein raised its Apple price target to $700 from $615,” Pimentel reports. “‘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,’ Bernstein analyst Toni Sacconaghi told clients in a note.”
“He also noted that Apple had indicated that it plans to introduce a new product category,” Pimentel reports. “‘We expect that Apple will introduce a new product category before year end, which we believe will be an iWatch,’ he told clients in a note.”
Full article here.