Apple Inc.'s next iPhone reportedly will break the $1,000 barrier and send the stock soaring, Goldman Sachs predicts.
Goldman Sachs predicts the higher-priced iPhone 8 will drive earnings above expectations.
The firm reiterates its buy rating on Apple and raises its price target to $170 from $164.
"The first $1,000 iPhone can drive meaningful upside," analyst Simona Jankowski wrote in a note to clients, CNBC reported. "The bottom line is that we are raising our FY18/19 EPS estimates further above consensus. … While our FY18 iPhone unit estimate is relatively in-line (GSe 243mn vs. consensus at 242mn), we see significant upside in iPhone ASPs [average selling prices]."
She raised her Apple price target to $170 from $164.
Apple stock was trading at about $156 Friday afternoon.
"We think the higher demand for the larger (5.8") form factor will be supported by the fact that the iPhone 8 will have compelling new features not available in the smaller form factors," she wrote.
For its part, Apple chose Corning as the recipient of the first investment from its Advanced Manufacturing Fund, giving $200 million to the maker of glass used in iPhone and iPad screens, Bloomberg reported.
Corning Inc., a longtime Apple partner, will use the cash on equipment and glass-processing technology mainly at its Harrodsburg, Kentucky, facility that developed the protective Gorilla Glass used on smartphones, Apple said in a statement Friday. Some of the money will also go toward research and development costs. Corning’s partnership with Apple started 10 years ago with the first iPhone.
Apple Chief Executive Officer Tim Cook said in May that the company planned to invest at least $1 billion to back advanced manufacturing companies in the U.S. and help create jobs in the industry. President Donald Trump has been a vocal critic of American companies -- and Apple in particular -- that outsource production to non-U.S. manufacturers.
Apple said it now supports 2 million jobs in the U.S. and that the Corning relationship has helped create about 1,000.
(Newsmax wires services contributed to this report).
© 2025 Newsmax Finance. All rights reserved.