NEW YORK (TheStreet) — Shares of Apple (AAPL) were rising in mid-afternoon trading on Friday as RBC Capital Markets analysts said the technology giant’s upcoming release of a new MacBook Pro could help lift its 2017 revenue.
The firm maintained its “outperform” rating and $117 price target on the stock, Barron’s reports.
Apple is expected to release a revamped version of its MacBook Pro in October or November, following its iPhone 7 launch in September, RBC said. The laptop’s 13 inch and 15 inch models are likely to be thinner, with a new LED touch screen display that replaces function keys.
A slate of new features are expected to drive an increase in 2017 revenue, the firm said.
“We think a product overhaul could be positive for Mac revenues which saw three consecutive quarters of y/y declines so far for FY16 and could return this segment to growth in FY17,” RBC continued in an analyst note, according to Barron’s.
The new Macbook Pro also is expected to have the option for more powerful and efficient Polaris GPU’s manufactured by Advanced Micro Devices (AMD), as well as touch ID fingerprint technology and USB-C technology, the firm said.
RBC added that it expects the laptops to have Intel (INTC) processors and MacOS Sierra, which has Siri functionality and improved iCloud Drive functionality, among other features.
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