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>Contact by Email. Follow @Commodity_Bull
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