updated 01:00 pm EDT, Tue June 5, 2007
AAPL target set at $140
Credit Suisse analyst Robert Semple on Tuesday raised his target price on Apple Inc from $120 to $140 a share, according to MarketWatch. In a his research note to clients, Semple said he believes that "the iPhone 'will elicit a superior perceived value' compared to other mobile phones due to factors such as its technical superiority and the idea of consumers to own a 'hot product'. Semple estimates that Apple will sell 5 million iPhones in 2007 and 15 million of the devices in 2008. Apple plans to release the iPhone on June 29.