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$400 is Rothschild & Co Redburn's new price target for Apple (NASDAQ: AAPL), up $140 from a prior $260, paired with an upgrade to Buy from Neutral.
The two components the firm says get you there: a foldable iPhone launch expected in September, priced at $2,199, and a rethinking of how Apple sources its artificial intelligence.
Foldable iPhone: the per-unit math Analyst Timm Schulze-Melander projects 14 million iPhone Ultra units in Apple's fiscal 2027.
Four million of those sales are expected to displace conventional iPhone purchases, leaving 10 million as net-new demand.
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