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An analyst firm Jefferies upped his Apple share price target from $800 to $900 on Friday as a result of high expectations for Apple's upcoming iPhone 5 launch. Apple's stock was already trading at a new high at $644.13 earlier this morning, just $0.16 above its earlier 52-week high. Jefferies analyst Peter Misek said he expects the iPhone 5 to blow every other smartphone launch out of the water and that, upon its release, it will be "the biggest handset launch in history."

Misek isn't the only one who believes the iPhone 5 will be a resounding success. Piper Jaffray analyst Gene Munster recently said that he expects Apple to sell between 5 million and 10 million iPhone 5 units in September alone.

Misek said he has learned that Apple increased its iPad production to a total of 25 million units, up 7 million units from its production figures from the last quarter, possibly signifying that there's some truth to the rumors of a new 9-pin connector and an iPad refresh. iPhone 5 production has also been ramped up, Misek said. "We continue to think Apple will have about 15 million iPhone 5 handsets by mid-September," he explained.

The latest reports suggest Apple will announce the iPhone 5 during a press event on September 12th and that pre-orders will begin the same day. It's expected to arrive in stores shortly thereafter, on September 21st.

[via MarketWatch (2)]