| CATEGORY: INTERNATIONAL COMPANIES SECTOR: IT HARDWARE |
Fri 17 Aug 2012
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 | | LONDON (SHARECAST) - Apple's shares were close to a record high on Friday after Jefferies revealed that the company has started production of a new 'iPad mini'.
The US broker reiterated its 'conviction buy' rating for the tech giant and raised its price target for the shares from $800 to $900.
The broker explained that it remains highly optimistic about iPad and iPhone sales and that they have high expectations for the launch of iTV before the end of the company's fiscal first quarter next year.
"For the iPhone 5, we remain confident that by mid-September Apple will have ~15m in finished goods inventory. We believe 3GS, 4 and 4S builds continue into Q4. Pricing for all of those models has been slashed already," Jefferies said.
It expects the launch of the iPhone 5 to be the biggest launch of a mobile phone ever.
JM
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