Apple shares hit a new intraday high last week after rumors of a new product release in January. The product is likely to be a tablet called ‘iSlate.’ So what’s in store for the company in 2010? Brian Marshall, senior analyst at Broadpoint AmTech shared his view.
“This will be a successful product,” Marshall told CNBC. “The Amazon kindle has done very well, the E-reader market is a big market, but more importantly, the iPhone is going to be the key story for Apple in 2010.”
Marshall said he expects another blow-out quarter for the firm and said consumer demand for Apple products will continue to remain robust throughout next year.
“Apple doesn’t need this new device, but it encourages the ecosystem for application developers to write new material and content for an Apple product,” he said of the new tablet. “So this is an extension for their current product offerings.”
Marshall recently raised his price target on Apple to $260 from $235 and said the company continues to generate tremendous amount of cash flow.
More Market Intelligence:
CNBC Data Pages:
Apple Competes With:
Marshall does not own shares of Apple.