“Shares of Apple Computer pushed further into record territory Monday, boosted by a pair of favorable reports from Wall Street analysts,” Troy Wolverton reports for TheStreet.com.
“Caris analyst Mark Stahlman upgraded Apple’s shares to above average from average in a report Monday, saying the company will soon roll out a series of upgraded computers and other products. While other computer makers have had trouble garnering interest for their high-end offerings, Apple’s updated computers will likely stand out, he said in a research note,’ Wolverton reports. “Meanwhile, Piper Jaffray analyst Gene Munster left his outperform rating on Apple unchanged and named the company his top large-stock pick for the rest of the year. Munster said the company should exceed its conservative guidance for the September quarter, and the analyst added that new products and share gains should spur future sales and earnings growth.”
Wolverton reports, “In recent trading, Apple shares were up $1.68, or 3.6%, to $47.78. The stock was up as much as $2.23 to $48.33 earlier in the session… The move marked the second straight session in record territory for Apple. On Friday, the company’s stock reached a record high amid rumors that the company will soon launch a music site with Google and speculation that the company’s Macintosh line is taking market share from PC leader Dell.”
“Stahlman predicted the company would soon unveil the so-called video iPod, the long-rumored successor to the company’s wildly popular digital music players that will be able to play movies. Apple is likely to roll out the new computers and products at its 2005 Expo in Paris next month, if not sooner, he said,” Wolverton reports. “For his part, Munster predicted that Apple will introduce a new, potentially higher capacity version of its low-end iPod shuffle and a color-screen version of its midrange iPod mini.”
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