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Apple's  (AAPL) - Get Apple Inc. Report highly anticipated iPhone 8 will cross the $1,000 barrier, which will send Apple's stock soaring, Goldman Sachs analysts said in a note Friday. 

The firm raised its Apple price target to $170 from $164, representing a 10% potential upside from the stock's closing price Thursday. 

"We think the higher demand for the larger (5.8") form factor will be supported by the fact that the iPhone 8 will have compelling new features not available in the smaller form factors," Goldman analyst Simona Jankowski wrote. 

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The firm raised its fiscal 2018 and 2019 earnings expectations based on the expected performance of the phone. 

Jim Cramer and the AAP team are discussing fallout from first-quarter earnings from Apple and Facebook (FB) - Get Meta Platforms Inc. Class A Report and how to play the big tech names. Get his insights or analysis with a free trial subscription to Action Alerts Plus.

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