February 25, 2009 / 8:26 PM / 10 years ago

UPDATE 1-Canaccord upgrades Apple to speculative buy

Feb 25 (Reuters) - Canaccord Adams upgraded Apple Inc (AAPL.O) to “speculative buy” from “hold” and raised its price target on the stock, primarily on the prospect of new iPhone deals driven by device launches in the coming quarters.

“We see three potential iPhone updates emerging in 2009 — a 32G version, a lower-cost handset targeted for China and India, and a new smaller form factor, also likely before year end, analyst Peter Misek said in a research note to clients.

These forthcoming iPhone deals will more than offset expected declines in Macs and iPods resulting from the consumer spending slowdown, he added.

The brokerage raised its price target on the stock of the company to $110 from $90.

Shares of the company were trading up more than 2 percent at $92.25 Wednesday on Nasdaq. (Reporting by Mansi Dutta in Bangalore; Editing by Anil D’Silva)

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