“Apple Computer shares rose Wednesday, as one analyst raised his price target on the stock and others weighed in on the company’s outlook ahead of its fourth-quarter report next week,” Rex Crum reports for CBS MarketWatch. Apple climbed $1.27 to close at $40.64. The company’s shares have more than doubled since their 52-week low of $19.25 on Dec. 22 and are trading at levels not seen in four years.”
“First Albany analyst Joel Wagonfeld on Wednesday raised his price target on Apple’s stock to $44 a share, saying that Apple’s ‘momentum hasn’t peaked, so valuation probably hasn’t either.’ Wagonfeld said, in a research note, he believes Apple has room to grow due to several different product drivers,” Crum reports. “Wagonfeld said he expects Apple’s results and growth to come from better-than-expected iPod sales, both from Apple’s own devices and those produced for Hewlett-Packard, as well as the company’s new G5 iMac and PowerBook laptop computers.”
Crum reports, “Piper Jaffray surveyed about 600 teenagers between Sept. 9 and Oct. 1, and found that 16 percent of respondents already owned an iPod and 24 percent said they intended to buy one within the next year. Munster said that the iPod ranked fourth on teens’ Christmas ‘wish lists,’ trailing only clothes, money and a car, but what stood out was that the iPod wasn’t listed as an option. It had to be written in by the respondents.“
Full article here.
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Apple to broadcast audio webcast of Q4 04 Quarterly Earnings Call on October 13th – September 28, 2004