NEW YORK (TheStreet) -- The price target on Apple (AAPL) shares was increased to $100 from $93 by analysts at Pacific Crest on Monday.
The increased outlook represents what the firm believes will be higher than expected iPhone 6 sales in the third quarter this year.
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Analysts at the firm also believe that unless the tech company innovates a new product or service to drive growth that the company's upside will be limited in the long term despite the near term gains its price target increase represents.
Apple closed trading Thursday at $94.03 and is flat in pre-market trading today.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."