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Munster Sees Lower-Priced iPhone Selling at $149-199, Says Device Could Add $6.5B in '13 Sales for Apple

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Responding to a WSJ report from Tuesday evening which suggest Apple (NASDAQ: AAPL) could be working o n a cheaper-priced iPhone model, Piper Jaffray's Gene Munster said Wednesday morning the range would likely be between $149 and $199 without a contract.

Munster predicts the lower-priced model could carry around 30 percent gross margin. The analyst is modeling for a cheaper iPhone to add about $6.5 billion in sales over the course of 2013. Munster sees 30 basis points of gross margin dilution related to such a device.

Piper Jaffray currently has an Overweight rating and $900 price target on shares of Apple.

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