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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV