Production of Apple's next generation iPhone, dubbed the iPhone 5S, will begin this month and will be available this fall, Jefferies analyst Peter Misek says.
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Misek, who has a hold rating on the stock with a price target of $405, said in a note to clients Monday that the iPhone 5S is scheduled to be available in late September or early October and that total production plans for the fourth fiscal quarter starting in September are most likely on the higher end of the firm's 25 million to 30 million estimates.
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According to Misek, Apple started making a small batch of a low-cost iPhones at the beginning of June. He noted that the company's third quarter would likely receive little to no benefit from the iPhone refresh.