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JP Morgan sees shares of Apple reaching $108, believes redesigned iPhone will exceed expectations

Investment firm J.P. Morgan became the latest to increase its price target for Apple stock on Tuesday, projecting that the company will be propelled to $108 per share thanks in part to this year's anticipated "iPhone 6" launch.

"iPhone 6" and "iPhone 6c" concepts by Martin Hajek.

Analyst Rod Hall issued a new note to investors, a copy of which was provided to AppleInsider, to lay the case that shares of AAPL are likely to see earnings grow beyond current expectations on Wall Street. Hall anticipates that Apple has multiple new product launches in the works for late 2014, including a redesigned iPhone.

Hall's estimate is up from his previous target of $89, which has been underwater for some time. His new price target of $108 calls for Apple to reach that goal by the end of 2015.

In addition to a redesigned iPhone, Hall also expects that Apple will launch a so-called "iWatch" this fall. However, he doesn't believe that new product category would have a significant effect on the company's bottom line.

J.P. Morgan was the second investment firm to raise its price target on Apple on Tuesday, joining Needham & Company, which increased its forecast to $97. In that increase, analyst Charlie Wolf also cited an expectation that "iPhone 6" sales will be strong, but he was also impressed by the announcement of Apple's new programming language, dubbed Swift, at this month's Worldwide Developers Conference.

Other firms tracked by AppleInsider that revised their price targets upward earlier this month are Cowen & Company ($102), and RBC Capital Markets ($100). Many have been prompted to increase their targets in the face of strong gains by AAPL stock since the company's successful March quarter results, in which iPhone sales came in higher than market expectations.