Apple (AAPL) will unveil a new and improved version of the iPhone in June, RBC Capital?s Mike Abramsky asserts in a research note this morning. He contends the new version of the phone, which he calls the iPhone 3G Pro, will include a number of improvements:
- Faster 3G, using the HSUPA standard, versions the current HSDPA.
- Improved graphics.
- Video recording/messaging.
- 16 GB/32 GB memory capacity.
- Possibly thinner.
- $199/$299 price points
He expects the new version to be offered on AT&T first, and other markets second.
Abramsky says an ?entry level? iPhone is less likely. ?Build data and other checks suggest Apple may not launch a lower priced iPhone as soon as generally thought,? he writes. ?If so this may help protect margins, but might leave iPhone?s market share vulnerable to lower-priced competitive alternatives.?
Abramsky, who maintains an Underperform rating and $70 price target on the stock, writes that he continues to see ?elevated risk to 12-month valuation from a growth and/or margin downshift for Apple, positioned with premium-priced products amidst intensifying competition and global recession.?
