"Given our contact's position as a competitor to a potential "iTV" product, the company follows the development of this potential new product closely but indicated that he believes that "iTV" is not ready for primetime this year and expects an unveiling in 2014. This timing would be in line with our Apple initiation report published a month ago, where we indicated that we expect a full blown "iTV" by the end of calendar 2014," said White.
"Regarding Apple, there has been a steady stream of media attention around the next iPad refresh in October, and our contact believes the iPad 5 will be a major upgrade based on the fact that the iPad form factor has changed little over the past few iterations. We concur that the iPad 5 has the potential to be a significant iPad upgrade cycle, especially since the installed base of the iPad is now sizable with Apple shipping a total of 155 million iPads through 3Q:FY13
The analyst continued,
Cantor Fitzgerald has a Buy rating on Apple with a price target of $777.
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 $483.41 yesterday, with a 52 week range of $385.10 to $674.25.