“Stock futures rose on Monday, pointing to a firmer open, as investors pinned hopes on a solid start to the holiday shopping season, while Apple Computer Inc., Research) was helped by another brokerage raising its price target on the stock,’ Megan Davies reports for Reuters.
“Apple jumped 5 percent before the bell to $68 after Merrill Lynch raised its price target to $78 from $61 on expectations of increased sales of iPod, Apple’s music device. A week ago, Piper Jaffray raised its price target on Apple to $100 from $52,” Davies reports.
Full article here.
Merrill Lynch in their research note also stated, “Apple’s earnings growth should be faster than Dell’s with a small computer base and a small shift in share making a big revenue difference,” the firm said. “We have not changed our Mac estimate, so if iPod success spills over to Mac sales there could be additional upside to our estimates.”
Additionally, Bank of America put unit sales of the Apple iPod family of products at 4.1 million in the December period and raised its 2004 earnings estimate to 51 cents a share. The brokerage set a $73 price target, up from $47.
Related MacDailyNews articles:
UBS raises estimates, target price for Apple Computer; says iPod, iMac selling ‘very well’ – November 29, 2004
Merrill Lynch raises Apple target; says ‘look out for flash iPod, possible entertainment server’ – November 29, 2004