GO
Loading...

Apple Stock to $600: ISI’s Marshall

Monday, 10 Jun 2013 | 1:06 PM ET
Apple Stock Headed to $600: ISI's Marshall
Monday, 10 Jun 2013 | 12:29 PM ET
"Significant upgrades" to two of Apple's product lines will likely send its share price higher from here, Brian Marshall of ISI Group says.

Apple's stock price will benefit from major improvements to two of the company's product lines, Brian Marshall of ISI Group said Monday.

"I actually think we could see $600 because, if you think about it, 85 percent of the company's gross profits come from the iPhone and the iPad," he said.

(Read More: Apple WWDC Live Blog)

"We're going to see very significant upgrades to both those product families over the next six to nine months, and I think that's going to move the needle."

(Read More: Apple Stock 'Needs a Bit of Clarity': Pro)

Shares of Apple traded up more than 1 percent midday at $447.

On CNBC's "Fast Money," Marshall said that hedge fund manager Jeff Gundlach's target of $500 for Apple stock was a safe call.

"I think Jeff's probably conservative at $500 if we extend six to nine months out," he added.

(Read More: Apple Stock Heading to $500: Jeff Gundlach)

Marshall, who had a "strong buy" recommendation on the stock, also said that Apple needed a cheaper version of its popular iPhone to grow its markets.

"We need this low-cost iPhone to drive incremental penetration abroad, where their penetration is lower, but at higher margins," he said. "We think they can do that."

(Watch Video: Jim Cramer: McDonald's Beats Apple on Innovation)


  Price   Change %Change
AAPL
---

Contact Halftime Report

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.