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KeyBanc analyst upgrades Apple citing upside from new iPhones

KeyBanc Capital Markets analyst Andy Hargreaves upgraded Apple Inc. to "overweight" from "sector weight," CNBC.com reported Oct. 16.

Hargreaves noted that a price increase in the iPhone 8 and iPhone 8+ models, along with the company's plan to launch iPhone X in November with a starting price of $999, should result in higher-than-previously-expected gross profits.

The analyst set a price target of $187 for Apple stock.