A new iPhone is expected to be released in the fall according to latest speculation.
RBC Capital Markets analyst Amit Daryanani on Tuesday stated that the next-generation iPhone is likely to be launched in September or October.
The analyst believes that the device will come equipped with the latest 4G/LTE technology.
“Since the launch of the original iPhone, Apple has updated the product annually (eg. iPhone 3GS and iPhone 4S) and has redesigned the phone every ~2 years (eg. iPhone 3G and iPhone 4),” Daryanani wrote. “In our view, consumers are becoming aware of the product cycle and we believe this should cause increased seasonality in the product as consumers await updated and fully remade iPhones,” reports CNET.
Daryanani also reiterated an Outperform rating on shares of Apple and a $700 price target.
The analyst believes that the$700 target could be achieved thanks to a MacBook refresh, the iPhone 5 and a potential iTV television set.
“In our view, the iPhone represents a seamlessly synced enterprise and consumer product that should continue to gain market share in the near- and long-term,” Daryanani said. “If a superior smartphone arrives that emulates the iPhone experience at a lower price point and begins taking share away from Apple, our positive view on the company would likely come under scrutiny.”