iPhone News Updated

RadioShack Soars on iPhone Deal

RadioShack is soaring after it was upgraded by an analyst due to some new initiatives — including, rather notably, its deal to begin selling Apple’s iPhone.

Credit Suisse upgraded the electronics retailer to outperform from neutral and raised its price target to $25 from $15.

RadioShack announced on Friday that it will begin selling the iPhone 3G in limited numbers in stores in Texas and New York starting later this month, and will be in stores nationwide next year.

Credit Suisse also cited easy near-term comparisons and a low valuation point as reasons for the upgrade.

Barclays Capital also raised its target price to $20 from $19, while Goldman Sachs upped its target to $21 from $19.

Shares of RadioShack are surging 15.6% to $20.51 in morning trading.

[Thanks: http://www.thestreet.com]

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