UPDATE: ThinkEquity Joins '$700 Club' on Apple (AAPL)

March 27, 2012 9:14 AM EDT
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Price: $119.04 -0.18%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

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    Up: 0 | Down: 0 | New: 0
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(Updated - March 27, 2012 10:13 AM EDT)

ThinkEquity boosted its price target on Buy-rated Apple (NASDAQ: AAPL) from $600 to $700, which suggests 15 percent upside from Monday's close.

The firm's Mark McKechnie cited the upcoming release of what he believes will be the iPhone 5 and an Apple TV set.

The analyst believes recent concerns about the newest iPad and the level of heat thrown off by the processor will soon dissipate. He is modeling for Apple to replace the current Qualcomm (Nasdaq: QCOM) chipset with a more recent one: "We’d expect a 'spin' of the new iPad perhaps later this year which updates the 3G/4G chip to a newer and cooler-running version."

This moves the average price target on Apple up to $659.71, according to data at StreetInsider.com's Ratings Insider.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

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