( 4UMF NEWS ) Apple Officially Announces iPhone 5:
Shares of Apple rose slightly Wednesday as the technology giant revealed the latest version of its popular iPhone — the thinnest version of the smartphone that brings in the majority of Apple’s profit and has helped it become the most valuable company in the world.
The iPhone 5 has a larger 4-inch “retina” display, allows users to use a high-speed 4G LTE network and is 20 percent lighter than the previous version of the phone, the iPhone 4S.
Shares of Apple have risen steadily over the past four months in anticipation of the new phone, now up 26 percent since hitting a recent closing low on May 17.
Brian Marshal, a technology analyst at ISI Group, has a “buy” rating on Apple and a $710 target price, while Eric Jackson, an analyst at Ironfire Capital, sees Apple’s stock price rising to $1,650 a share by the end of 2015.
Jackson said his outlook is based on Apple’s current products selling well and the company bringing out new products in the future that “will be even more exciting and lead the stock even higher.”
One of the features on the new iPhone is Apple’s new Maps app, which includes turn-by-turn spoken directions using technology from Dutch navigation devices maker Tom Tom. U.S.-traded shares of TomTom rose 5 percent to $2.15 on the news.