Analyst sees $100 jump in iPhone 6 price

Would Apple dare charge its iPhone customers even more for its already pricey gadgets?

One analyst thinks the answer is yes and that it will happen this year.

Pacific Crest analyst Andy Hargreaves said the tech giant's share price could soar above $600 a share this year based on the "potential for a higher-priced iPhone 6."

How much higher? The iPhone 6 could cost $299 with a wireless contract when it's launched later this year, the analyst said.

That's $100 above the iPhone 5S, which is currently Apple's top-of-the-line mobile phone.

But $100 extra will be no problem for Apple's "relatively rich" customers, Hargreaves said.

"Apple customers are relatively insensitive to price, so a higher price is not likely to dissuade potential iPhone 6 consumers who are attracted to the device's features," he said in his research report.

Indeed, Wall Street has pointed to similarly confusing economics when it comes to sagging sales of Apple's 5C. The 5C, which was essentially a repackaged iPhone 5 with a colorful exterior, cost $100 versus $200 for the 5S. However, customers have been turning to the 5S, which comes with a fingerprint sensor.

Hargreaves upgraded Apple's stock to an "outperform" from a "sector perform" rating and established a $635 price target, suggesting the stock will increase close to 20 percent from its current price of $536.

The analyst said Apple will launch a new 4.7-inch iPhone in September or October, and he dismissed talk of a phone with a bigger screen.

Some Apple watchers have said iPhone lovers can expect two new phones this year, including one with a 4.7-inch screen, which is already larger than the iPhone 5, and one with a whopping 5.7-inch screen.

The products could be revealed as early as June, some reports have said. But Hargreaves disagrees, saying he doesn't expect Apple to diverge from its typical fall launch.

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