Yesterday Apple Computer reported its highest fourth-quarter sales in the past nine years for 4Q FY04, while the company’s quarterly profits more than doubled on a year over year basis.
Analysts at Needham & Co today reiterated their “buy” rating on Apple Computer. The target price has been raised from $36 to $43. “Clearly, Apple has taken over the digital music market.” Charlie Wolf, analyst, Needham & Co. stated.
Analysts at JP Morgan today upgraded Apple Computer Inc. from “neutral” to “overweight,” while raising their estimates for the company. Despite the recent rally, Apple Computer’s share price is likely to appreciate significantly in the forthcoming few quarters, the analysts say. The company’s revenues are expected to increase by 25% during FY2005, JP Morgan added. The EPS estimates for FY2004 and FY2005 have been raised from $0.66 to $0.75 and from $1.00 to $1.28, respectively.
Analysts at First Albany today reiterated their “buy” rating on Apple Computer Inc. The target price has been raised from $44 to $46.
MacDailyNews Take: Up, up, and away we go!