What This Analyst Says Investors Can Expect From Apple's 'California Streaming' Event

Apple Inc AAPL hit an all-time high Tuesday after the company announced its "California Streaming" event will take place on Sept. 14. Bernstein analyst Toni Sacconaghi expects the event to be centered around the iPhone, he said on CNBC's "Closing Bell."

Apple will likely release higher-performing versions of the four iPhones it currently offers, he said, adding that the phones will likely have faster processors and slightly better camera functionality, but be offered at the same price point. 

"We expect the announcement to be largely focused on iPhones and the devices themselves to be a bit more evolutionary this year," Sacconaghi said.

See Also: Apple's Sept. 14 'California Streaming' Invite Is Out: What's On The Agenda?

Although the expectations for this iPhone cycle are relatively low, the services business will need to continue to grow at a healthy clip for Apple stock to continue on its upward trajectory, Sacconaghi noted. 

He has a Market Perform rating on Apple with a price target of $132.

AAPL Price Action: Apple has traded as low as $103.10 over a 52-week period. It made a new all-time high in trading today.

The stock closed up 1.55% at $156.69 Tuesday.

Photo: courtesy of Apple.