Updated from 10:38 a.m. EST to reflect Apple becoming world's most valuable company in the seventh paragraph. NEW YORK (TheStreet) -- Apple (AAPL) is widely expected to announce a new iPhone and perhaps a new iPad next month. Historically, shares have run up into a product announcement, and it looks as if this time is no different.
Courtesy of Sanford Bernstein, above is a chart showing how Apple shares have done into a product release.
Sanford Bernstein analyst Toni Sacconaghi notes that shares of Apple outperform materially in the eight weeks prior to a new product's announcement date: "Average outperformance during this period has been 1100 [basis points] during previous iPhone launches." Sacconaghi rates Apple at an overweight with a $750 price target.
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