Apple’s (AAPL) newest product is extremely low-tech.
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Just in time for the year-end holidays, the consumer electronics giant has released the “iPhone Pocket,” a knitted strap or sock designed to hold the smartphone and help people carry it around with them.
While some marketing refers to the iPhone Pocket as a stocking stuffer, the price is a little more expensive than most items one might find left in their Christmas stocking. The short Pocket retails for $149.95, while a longer version designed for tall people sells for $229.95.
Apple’s Move Into High-End Fashion
The iPhone Pocket appears to be simplistic and looks like a knitted strap that can be worn over a person’s shoulder to hold their iPhone. However, Apple insists it is high-end fashion, having been designed in conjunction with Issey Miyake, a Japanese fashion designer known for his technology-inspired clothing.
The iPhone Pocket’s design and price have drawn divided reactions online. While some people have praised it as a nifty accessory, others have criticized it as outrageously expensive and unnecessary. “$230 for a cut up sock. Apple people will pay anything for anything as long as it’s Apple,” wrote one user on social media.
Is AAPL Stock a Buy?
Apple’s stock has a consensus Moderate Buy rating among 35 Wall Street analysts. That rating is based on 21 Buy, 12 Hold, and two Sell recommendations issued in the last three months. The average AAPL price target of $289.17 implies 8.17% upside from current levels.
