Analysts Upgrade Apple

Apple Inc.'s price target was raised to $140 a share from $120 by Credit Suisse analyst Robert Semple on Tuesday. In a research note, Semple said he believes the iPhone "will elicit a superior perceived value" compared to other mobile phones due to factors such as its technical superiority and the idea of consumers to own a "hot product". Semple estimates that Apple will sell 5 million iPhones in 2007 and 15 million of the devices in 2008. Apple plans to release the iPhone on June 29.