Apple Inc. (NASDAQ:AAPL)’s stock is seen by the analyst Rod Hall of JP Morgan as one that will beat the Wall Street expectations by large, and he has issued a note to investors for laying the case, according to AppleInsider. Analyst believes that the company might launch a lot of new products in the later part of the year and a redesigned iPhone will be included with it.
Rising target on Apple shares
Previously $89 was set as the target by Hall, and now the estimate has been revised to $108, which is expected to reach at the end of 2015 by Apple Inc. (NASDAQ:AAPL). The new devices to be launched this year include a redesigned iPhone along with the wearable device iWatch, according to Hall. The company’s bottom line will not get affected significantly by the new product line added by the company.
Needham & Company, also, revised its price target to $97 on Tuesday. Apple iPhone 6 is expected to make record sales as noted by analyst Charlie Wolf.
In a note to investors, Wolf emphasized, “If software does indeed drive hardware choices, we believe Apple has leapt ahead of the tools available on the Android platform. This in turn should translate into an increasing percentage of high-end Android users switching to the iPhone when they upgrade.”
Cowen & Company and RBC Capital Markets are few other firms that revised their price targets on Apple Inc. (NASDAQ:AAPL) stock, this month, in the upper direction at $102 and $100 respectively.
Factors contributing
Apple Inc. (NASDAQ:AAPL) sales of the iPhone were higher than expectations for the quarter Jan-Mar, which helped the company in getting very good results for the quarter and a similar rise was seen in the company’s stock prices.
Worldwide Developers Conference conducted this month had an announcement made by Apple Inc. (NASDAQ:AAPL) informing about Swift, which is a new programming language and could attract the android fans towards it. There is a huge demand for larger screens, and Apple is all set to meet the expectations and add new customers by meeting this demand with the launch of the next gen device. Almost 25% of the high-end smartphone market will be targeted with the new five-inch screen iPhone.
