Apple jumps 5 percent to $68 before bell; Bank of America pegs iPod sales at 4.1 million for quarter

“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


  1. We’re nearly at the bell and last trade was $69, valuing the company at $26.766 billion.

    AAPL is now only $8.5 billion away from Sony and closing at between $500M and $1 billion/week.

    AAPL pre-market activity goes across many pages at Nasdaq, whilst Sony boasts two transactions period.

  2. And, just to add to my FIRST POST, can I also say that if BoA are correct with this 4.1 million projection that Paul Thurrott should stick a feather up his ass.

    Shipping 6.1 million iPods in the second half of the calendar year will be a hell of a feat in itself, but taking the iPod universe from 2 million at the start of 2004 to 9.7 million in one year should be cause enough for my least favourite New Englander to throw himself into Boston Harbor.

  3. MCCFR:

    “Paul Thurrott should stick a feather up his ass.”

    Which end?

    “…should be cause enough for my least favourite New Englander to throw himself into Boston Harbor.”

    Can we throw a tea party then!!?

  4. What about me?!? Don’t forget me!! It’s not ALL about Thur-ROT, you know.

    I’ve said some idiotic, stupid things about Apple too over the years. Plenty, actually.

    Remember? I mean, I’ve said at LEAST as much dumb stuff as Thur-ROT, doncha recall?? Why does HE always get all the attention nowadays??

    Hello? Is there anybody out there listening anymore? Hello??

    Is this thing on?

  5. I want Michel Dell to apologize to Steve Jobs about the remark he made years ago that Apple should close its door and return the money to the shareholders. Look at Apple’s share price now Mike!!!!

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