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Apple Upgraded ... Surprise, Surprise

Apple has come under criticism in recent months, as the perceived lack of innovation and staleness of its products pressures shares. Shares have fallen 19.5% year to date, and 37% since Apple unveiled the iPhone 5 in late September. The general consensus is that Apple needs to innovate, particularly on the iPhone, perhaps with a bigger screen, more colors, and perhaps a cheaper iPhone to win customers.

Piecyk based his upgrade in part on his expectations that Apple will release a bigger iPhone, as well as a lower-priced iPhone for emerging markets. There is also additional revenue for 2014 due to an unspecified product, which Piecyk believes can add as much as $5 billion in revenue. Apple has been rumored in recent months to bereleasing an iWatch,, which may coincide with these revenue statistics.

Apple shares were rising in premarket trading Thursday, up 1.27% to $433.77.

--Written by Chris Ciaccia in New York

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