Analysts have raised Apple's share price predictions in light of rumours that Verizon will be launching the iPhone on its network next year.
According to Fortune, analysts Doug Reid and Scott Craig raised their Apple share price predictions, stating that they were confident that Verizon will start offering the coveted smartphone next year.
Doug Reid, an analyst with Stifel Nicolaus, raised his Apple target price to $390 per share from $360 in the hope that Apple would end AT&T exclusive reign and allow Verizon to offer the smartphone.
Similarly, Merrill Lynch's Scott Craig raised his Apple share price target to $420 from $415. He said that the bank was expecting Verizon to launch the iPhone early next year.
Craig wrote in a note to clients: “We expect a base case of at least 10 million units at Verizon for [calender] 2011. Although we only added 6 and 8 million units to 2011 and 2012, respectively.”