JP Morgan, the well-reputed investment bank responsible for Apple's business endeavours, has made predictions about the top iOS devices.
According to a note to investors obtained by Apple Insider, JP Morgan points to a "major upside potential" of Apple sales. Previously, analysts predicted that iPhones and iPads would exceed the performance of its competitors within the smart devices market than originally expected.
Only recently analyst for J.P. Morgan,Mark Moskowitz, announced a $625 price target for Apple's shares.
At the time, the analyst predicted that iPhone shipments would be around 28.1 million units in the first quarter of this year. However, a new study from JP Morgan sees Apple shipping over 31 million units globally in Q1, 2012.
The new information points to an increased shipment estimate for this year, expected to reach 138 million iPhones. As always, iPads managed to surpass the markets expectations.
The previous shipment estimates for the first quarter have been adjusted from 10.1 million units to 13.8 million. This means that Apple is likely to sell almost 70 million iPads this year - resulting in Mark Moskowitz raising the price target for Apple shares to $715.