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Apple to be worth at least $824 billion in 2017 Benefiting from its expensive ‘plus’ models Rising demands of its products: Analysts

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Customers and employees are shown through Apple's Australian flagship store in Sydney, September 7, 2016. REUTERS/Jason Reed
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New York, April 18, 2017: Benefiting from its expensive ‘plus’ models and rising demands of its products, Apple Inc will be worth at least $824 billion this year, analysts have predicted.

Apple’s shares already soared more than 16 percent to fresh highs during the second quarter but analysts are optimistic the stock has much more room to grow, MarketWatch reported on Monday.

Canada-based global investment bank RBC Capital Markets on Monday lifted its 12-month price target to $157 from $155 and reiterated an outperform rating.

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That would increase Apple’s market capitalization to $824 billion from $740 billion currently. Apple’s stock hit a record high of $144.77 on April 4, the report said.

RBC analyst Amit Daryanani also increased his March-quarter iPhone estimates and fiscal 2017 revenue estimates, saying trends indicate consumer preference for Apple’s more expensive plus models, which have contributed positively to average selling prices.

While the company’s third-quarter outlook “could come modestly below estimates” as consumers delay planned upgrades ahead of the iPhone 8 launch in September, its large installed base and attractive valuation make it worthy of investment despite muted expectations.

Analyst at Pacific Crest Andy Hargreaves suggested that Apple is struggling with the optical fingerprint functionality expected on the OLED iPhone, which could lead to delays or the removal of it.

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“While this creates some risk of production delays, at this point we do not believe it materially threatens volume through the coming iPhone cycle,” Hargreaves was quoted as saying.

According to a report in USA Today, Apple co-founder Steve Wozniak believed that Apple, Google and Facebook will be bigger in 2075 and dominate the world.

Shares of Apple inched 0.6 per cent higher to $141.12 on Monday. The company will announce its earnings for the second fiscal quarter (first calendar quarter) of 2017 on May 2.

Apple had $246.1 billion cash at the end of its last fiscal quarter. (IANS)

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Apple Accused of Making False Claims About its iPhone X Series

The plaintiffs also allege that the iPhone X series phones have lower screen resolution than advertised, the CNET report said on Saturday

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Apple accused of making false claims about iPhone X series. Pixabay

A lawsuit filed in a US court has accused Apple of making false claims about the screen sizes and pixel counts of the displays in its iPhone X series, CNET reported.

The suit filed on Friday in the District Court of Northern California alleges that the Cupertino, California-headquartered tech giant lied about the screen sizes of iPhone X, iPhone XS and iPhone XS Max devices by counting non-screen areas like the notch and corners.

The two plaintiffs who filed the suit are seeking class action status, according to the report.

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An Apple store in Woodbridge, Virginia. (VOA)

The suit alleges that Apple is falsely marketing the new line of iPhones as “all screen”.

For example, the screen size of iPhone X is “only about 5.6875 inches”, and not 5.8 inches as claimed by Apple, the complaint stated.

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The plaintiffs also allege that the iPhone X series phones have lower screen resolution than advertised, the CNET report said on Saturday.

Apple was sued over its products earlier also. A lawsuit filed in June alleged that the screen of Apple Watch has a tendency to “crack, shatter or detach from the body of the watch.” (IANS)