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Pacific Crest Upgraded Apple Based On $299 4.7" IPhone 6

wochit technology
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March 12, 2014 AT 8:22 AM
Pacific Crest’s Apple analyst, Andy Hargreaves, raised his rating on Apple from Sector Perform to Outperform based on the iPhone 6 having a 4.7 inch screen and selling for a subsidized price of $299. He also believes that given the low valuation of the shares at 6.5x Enterprise Value/Earnings Before Interest Taxes Depreciation and Amortization and the “optionality” of new categories that there is limited downside to the shares. Hargreaves also expects only one new iPhone form factor this year and that it will be launched in September or October.