Following Tuesday’s long-predicted announcement of a Verizon CDMA iPhone, one analyst sees Apple stock rising to $450 per share, up from a previous target price of $365. Peter Misek of Jeffreries & Co. seems to base his Wednesday note to investors on a belief the Cupertino, Calif. is not done surprising consumers.
Misek predicts Apple will unveil an iPhone for Long Term Evolution networks (sometimes known as 4G) by October, a GSM-based iPhone 5 in June and a 4G-based iPad in late 2011. Also, the analyst describes “multiple products to assault the living room” and cloud-based services also appearing this year.
As a result of such potential, the analyst increased his sales estimate for Apple’s two top products. He sees the company selling 72 million iPhones in the fiscal year ending September, up from his previous 61 million projection. As for the tablet, Misek expects Apple will sell 36 million iPads, up from his previously expected 31 million.
Increased sales expectations naturally led to higher projected revenue for Apple. The firm could rake in $104.6 billion for the fiscal year ending in September, up from a past projection for $94.6 billion, the analyst tells investors.
[Barron’s]
Ed Sutherland is a veteran technology journalist who first heard of Apple when they grew on trees, Yahoo was run out of a Stanford dorm and Google was an unknown upstart. Since then, Sutherland has covered the whole technology landscape, concentrating on tracking the trends and figuring out the finances of large (and small) technology companies.
