Apple Stock to $600: ISI’s Marshall
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.
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"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."
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Shares of Apple traded up more than 1 percent midday at $447.
"I think Jeff's probably conservative at $500 if we extend six to nine months out," he added.
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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."
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