An Apple Inc. (AAPL) Game-Changer
When asked about making a larger iPhone, the late Steve Jobs once replied, “no one’s going to buy that.”
That’s not what Wall Street is thinking right now. In its latest report, Pacific Crest Securities raised its rating on Apple Inc. (NASDAQ:AAPL) to “outperform” from “sector perform” on the basis that a larger-screened iPhone 6 could boost growth in Apple’s fiscal year 2015. PacCrest now has a target of $635 per share for the tech giant.
One difference in the iPhone market that didn’t exist four years ago when Jobs made his statement is the increasing demand from China. Three months ago, Apple began selling its iPhones to China Mobile’s 760 million customers. Given the expense of an iPhone (nearly $900 in some cases) in a country with a lower average income than the US, the iPhone doubles as a tablet for many in China.
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