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iPhone Rings High Note for Apple

Smartphone may surpass hype, drive stock up to $160
By Dustin Lushing,  Newser Staff
Posted Jun 7, 2007 4:32 PM CDT
iPhone Rings High Note for Apple
'   (Associated Press)

(Newser) – With buzz over Apple's new iPhone vibrating on high, investors are betting that Apple's stock—which has doubled in the past year to $122 per share—will climb to upwards of $160. The iPhone hits stores June 29, and is set to achieve Apple's once far-fetched goal of selling 10 million units by the end of 2008.

Steve Jobs is aiming to make the pricey gadget into the smartphone of the people, reports BusinessWeek, putting it in line not only to steal a portion of the market but to expand it beyond traditional business users. That, says one analyst, may help Apple boost revenues by as much as 30% within two years, and expand its market cap far beyond the $100 billion mark it just reached. (Read more Apple stories.)

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