Financial services firm Morgan Stanley raised its price target on Apple shares to $210 from $185, saying it expects the company's iPhone unit sales to double in 2009 at the new $199 price point.
"We believe the market generally expects a doubling of iPhone units with the lower price point ($199) and we believe this is realistic, if not conservative," the investment bank said in a note.
Morgan Stanley expects 27 million iPhones to be sold in calendar year 2009 with an average revenue of $550 per unit.
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