Deutsche Bank reiterates ‘buy’ on Apple, raises target price to $78

Deutsche Bank Securities Analyst Chris Whitmore has reiterated his “buy” rating on Apple Computer, raised estimates for the company, and raised his target price to $78 from $60.

“In a research note published yesterday, the analyst mentions that the company’s earnings for F1Q06 are expected to be driven by high video iPod shipments. The estimate for the video iPod shipments for the December quarter has been raised from 9.5 million units to 11.0 million units. The recent channel and supply chain checks indicate that Apple Computer’s product mix is significantly shifting towards more expensive video iPods, the analyst says. The EPS estimates for FY06 and FY07 have been raised from $1.70 to $1.85 and from $2.00 to $2.20, respectively,” newratings.com reports.

Full article here.

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