Deutsche Bank Boosts Apple (AAPL) Price Target to $775

Deutsche Bank boosted its price target on Apple (NASDAQ: AAPL) from $650 to $775 following the iPhone 5 announcement.

"Looking forward, we believe iPhone 5 will drive a healthy upgrade cycle and with greater product visibility we expect investors will increasingly discount our 2013 EPS estimates and value AAPL on '13 numbers."

The firm said while the the new hardware is desirable, it did not provide any upside surprises on features. That said, the fast geographic ramp "suggests Apple is confident in the availability of supply." They expect significant volume shipments in Sept and stockouts appear likely due to the meaningful refresh (simultaneous form factor and LTE upgrade) and bias near-term iPhone led upside in the Sept Q.

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 $669.79 yesterday.

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