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Firm Raises Apple Price Target on iPhone 6 Optimism

NEW YORK ( TheStreet) -- Research firm Canaccord raised its price target on Apple (AAPL) to $112 from $102, as the firm expects the upcoming iPhone 6 to set a sales record for the company.

WHAT'S NEW: After Canaccord conducted surveys, analyst T. Michael Walkley wrote that there is growing anticipation among customers for Apple's new iPhones, which are expected to feature larger screens. Additionally, fewer customers than usual upgraded to Apple's current iPhone models last year, so many customers are likely to upgrade to the iPhone 6, leaving the device poised to set sales records, Walkley contended. Moreover, Apple is likely to charge more for its larger screen phones, enabling the company's margins to remain stable and causing its total gross margins to rise in dollar terms, the analyst predicted. He kept a Buy rating on the shares.

WHAT'S NOTABLE: Apple has ordered 68M iPhone 6 devices, Mac Rumors reported yesterday. That's double the amount of phones that the tech giant ordered prior to launching the iPhone 5 in 2012, the website added. Also, analyst Ming-Chi Kuo issued a new report that says Apple's "iWatch" will enter mass production in November, which is later than his previous estimate for September, according to 9to5Mac. Kuo reportedly also lowered his forecast for iWatch shipments in this year by 40% to 3M units, due to the push back that was due to hardware and software engineering challenges for the device.

PRICE ACTION: In early trading, Apple rose 0.8% to $95.83.

Reporting by Larry Ramer.

The Fly provides comprehensive coverage of stock news and Street research and delivers it in real-time. The Fly breaks market-moving news and explains sudden stock movements in a rapid-fire, short-form story format. Follow @theflynews on Twitter. For a free trial, click here.

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