Jefferies analyst Peter Misek has upgraded Apple stock from a "hold" to a "buy" rating, and set a new $600 price target. The change is attributed to a talk Misek had with suppliers, who are allegedly becoming more flexible with their component pricing. Apple's profits depend heavily on its ability to secure cheap parts, since the company is mostly inflexible when it comes to retail pricing.
Misek comments that eagerness for the iPhone 6 in 2014 should further aid the company. He claims that the device will have a 4.8-inch screen; the basis for that statement is unmentioned, although recent rumors have pointed to Apple working on bigger iPhone designs
. The analyst's investor memo
helped boost Apple in premarket trading on Monday. Since the NASDAQ's opening bell, Apple stock has risen over $9 more in value to roughly $492.