A new and wild analyst report sees Apple's stock rocking to $888/share in the not-too-distant future based on Apple announcing an inked deal with China Mobile later this year driven by a new mid-range iPhone.
According to Brian white of Topeka Capital Markets, sales growth recovery for Apple based on strong sales in China this year will push AAPL back to the $700 range if not to his price target of $888 which would be music to Apple shareholders who have seen the price of APPL take a dramatic hit this year.
Topeka Capital Markets isn't alone in thinking that Apple's stock could benefit from a mid-market iPhone. Morgan Stanley's analysts think that Apple could triple sales in China based on a new mid-range iPhone coming to market.
Since Apple sold $8.8 billion worth of product in China in the second quarter of this year, out of $43.6 billion in total sales, tripling that could be $26 billion quarterly and perhaps as much as $100 billion annually.
While the forecast of $888/share is a little over enthusiastic, there's a strong case to be made for a mid-range iPhone that would benefit Apple's share price over time.
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