With Apple's stock topping the US$500 mark, and the prospect of the all-but-announced iPhone 5C, UBS analyst Steven Milunovich raised his target price from $500 up to $560. Photos and videos of the lower priced iPhone model have been circulating on the Internet, and he sees that as a big money maker for the Cupertino-based company.
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Assuming Apple does introduce the iPhone 5C in September -- and at this point that looks like a sure thing -- then iPhone sales should jump up, just like Mr. Milunovich expects. That's good news for Apple, investors, and consumers that want iPhones but have been eying lower priced Android smartphones.