Scott Hillis
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/ 8 June 2007

iPhone, not yet for sale, drives stock

Apple has not yet sold a single iPhone, but investors are driving up the company’s shares to record highs as they bank that the combined telephone and media player will be a major hit. A slew of brokerages are raising their targets on Apple’s stock to as much as — equivalent to about 40 times its expected fiscal 2008 profit.