“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.
Related MacDailyNews article:
Apple to broadcast audio webcast of Q4 04 Quarterly Earnings Call on October 13th – September 28, 2004
Dang! And none wanted a mac???
Holy crap, that’s huge.
How is Apple going to count HP iPod sales? Separately, or lumped in with their own sales? It would seem that all HP iPod sales have to be to people with non-Apple computers. And I think S. J. said that Apple’s sales a while back were already more non-Apple than Apple computer owners. Lots of potential switchers!
Shoot, it’s a new 208 week high. Look out though for the profit takers to sell off some after the conference call next week. You’ll see the stock drop a bit the next day even if the financials are outstanding as is predicted that they will be.
On iPod sales, sales are sales whether from Apple or HP. Apple will probably initially just indicate total iPod sales – they won’t, as usual, break them down into models (including the mini). Next week they’ll announce the current quarter. Some iMac G5 sales will be in the report as well as HPods, but those will really be only a small amount of the total to come. I also agree that the stock will drop below $40 per share next week. It won’t make another run until after the Holidays.
Wait a minute here…teens actually WANT clothes?
pkradd,
It’s not quite true that “sales are sales whether from Apple or HP.” Yes, it’s true for UNIT SALES, but for SALES REVENUES, Apple can only count the discounted amount that it receives from HP.
I definitely hope Apple breaks these sales down in the conference call.
G-Spank, I gotchyer huge right here!!!
wouldn’t hp take the money for the hPod, with Apple recieving a royalty for use of the iPod design?
Apple is going to be riding high for years to come. If only Nader could be so lucky to have people want to write his name on the ballot.
“Wait a minute here…teens actually WANT clothes?” – Kevin
Yes but jumpers(sweaters) with a big Mickey Mouse face on the front don’t count
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“Look out though for the profit takers to sell off some after the conference call next week. You’ll see the stock drop a bit the next day even if the financials are outstanding as is predicted that they will be.”
Up until the last two qtr ends, this was true.
The Q2 results broke that (3-4 yr?) trend.
It was a close call for me bcause I was considering selling short in anticipation of the Q3 results. Fortunately, I’m an optimist and didn’t.
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