A Smaller Apple (AAPL) iPhone 'Doesn't Matter' - Piper Jaffray's Munster

Piper Jaffray analyst Gene Munster weighed in on reports Apple (NASDAQ: AAPL) is working on a 4" iPhone 6C to launch in early 2016. While his supply checks this week indicate similar data, he said "it doesn't matter."

"While we have some skepticism about whether this product actually gets launched, the reality is that whether the device is real or not doesn't matter," Munster commented. "We would not expect Apple to sell significantly more iPhone 6C devices than the typical low-end model (currently the 5S) and would also not expect margins to be significantly different (see page 2). Further, we surveyed 1,077 US consumers and only 20% said they preferred the 4" smartphone screen size. We continue to believe that the most important story for Apple is the iPhone Upgrade Program and moving to annual device upgrades."

The firm maintained an Overweight rating and price target of $179 on the name.

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

Shares of Apple closed at $115.20 yesterday.

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