With Apple () widely expected to launch its next-generation iPhone 6 in September, one investment firm has .
Bernstein Research had an AAPL price target of $615 per share. The firm has now raised its AAPL price target to $700 per share. According to Toni Sacconaghi, a Bernstein analysts, the firm is increasing its AAPL price target based on an anticipated surge in iPhone upgrades when the new models launch, ÃÛÌÒ´«Ã½Watch notes.
Apple is expected to launch two iPhone 6 models later this year. One model is rumored to have a 4.7-inch screen, while the other takes a step into phablet territory, sporting a 5.5-inch screen. The current iPhone 5s has a 4-inch screen, smaller than many rival smartphones on the market.
“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,” Sacconaghi wrote in a research note. He added that Apple may charge more for the larger iPhone, increasing revenue growth.
In Thursday morning trading, AAPL shares rose about 1%. Apple stock closed at $624.01 per share on Wednesday.
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