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Goldman lifts Apple target price ahead of $1,000 iPhone

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Goldman lifts Apple target price ahead of $1,000 iPhone

Mon, 15 May 2017
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Goldman lifts Apple target price ahead of $1,000 iPhone
Apple Inc. Quote more

Price: 153.39

Chg: -2.68

Chg %: -1.72%

Date: 17:59

S&P 500 Quote

Price: 2,500.60 Chg: -6.05 Chg %: -0.24% Date: 16:15

(ShareCast News) - Goldman Sachs lifted its target price on Apple's shares on expectations the company will launch a superpremium smartphone in September - with a price tag of $1,000.
If proved correct, the new target price would equate to a market capitalisation of almost $900bn for the Cupertino, California-based firm.

Analyst Simona Jankowski raised her target from $164 to $170 and reiterated her 'buy' recommendation on the stock.

Shares of Apple however were lower as of 1739 BST, slipping 0.47% to $155.19.

Jankowski expected Apple would release its new iPhone in September, helping to drive improved average selling prices and gross margins, alongside another two models.

The new ultra-premium model would sport a 5.8-inch screen including new features such as 3-D sensing.

Goldman expected higher average selling prices to be the main driver of its higher earnings estimates for Apple and not sales volumes.

The investment bank penciled in a 2018 ASP of $763, versus $645 in 2016.

"The next iPhone is shaping up to be the most anticipated iPhone since the launch of the iPhone 6 in September 2014," the analyst said.

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