Financial analysis firm Cantor Fitzgerald started covering Apple's stock on Wednesday with Brian White, formerly of Topeka Capital, and his initial target price for the iPhone and iPad maker's stock is US$777.
Cantor Fitzgerald is now covering AAPL
Mr. White started his Apple coverage at Cantor Fitzgerald by telling investors,
Apple is on the verge of an extended product cycle that we believe will include a refresh of existing products, increased penetration within existing device categories and entirely new market opportunities.
The company's innovation cycle isn't a concern for him despite other investors worrying that Apple has lost its magic touch.
"It took Apple six years to introduce a new product category after the iPod and it took three years after the iPhone was introduced to unveil the iPad," Mr. White said. "As such, if Apple were to introduce 'iTV' or 'iWatch' over the next year, this would be slightly ahead of historical cycles."
Rumors have been claiming for some time that Apple will introduce its own television, and that it is working on a smartwatch device. Neither have seen the light of day as of yet, but that hasn't stopped the rumors and speculation.
Apple will be hosting a media event on September 10 where it is expected to show off the next iPhone models, which will include the iPhone 5S and iPhone 5C. The company will also likely announce the release date for iOS 7, although new iPad models aren't expected for a few more weeks.
Apple is currently trading at US$499.99, up 11.41 (2.34%).
[Thanks to Street Insider for the heads up]