Apple TV System Will Change Your Living Room: Analyst

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If you have been salivating at the prospect of smoothly integrated technology including iPad, iPhone and television, you're not alone.

Jefferies analyst Peter Misek is so sure Apple will “revolutionize” the way you watch TV he raised his price target to $800 from $699 a share.

He’s gone so far as to analyze satellite imagery for evidence of facility expansion, looked at thousands of patents, and “taken code and ripped it apart.”

The product, which Apple plans to call iTV if it can buy the rights to the name from a U.K. company (or may call iPanel if it can’t), will be available in the fourth quarter, Misek said.

Apple is taking “gesture control, voice control, all that expertise they learned” from its experience with Apple TV in order to build a device that will change your viewing experience, he said.

“Imagine being able to use your iPhone or your iPad as an input device, tweeting while you’re watching CNBC,” Misek said.

The only possible challenge is wireless carrier networks might be overwhelmed by all that technology coming together at once.

“That a major risk,” he said.

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Peter Misek does not own shares, but Jefferies makes a market in Apple stock.