Apple shares today rose $1.10, or 2.3%, to close at $49.78 after earlier touching a new record of $50.12.
Analysts at Piper Jaffray have reiterated their “outperform” rating on Apple Computer Inc (AAPL) and raised their target price from $52 to $60.
In a research note published this morning, Piper analysts stated their belief that Apple’s new ultra thin iPod nano will account for robust sales during the December quarter, calling the newest member of the iPod line a “home run.” Piper Jaffray Analyst Gene Munster said in the note that the new player is expected to draw new users into portable music market due to its ultra-thin design. He also expects the iPod nano to attract strong sales due to current iPod owners seeking to replace older iPod models.
“Analyst reaction to Apple’s announcement was overwhelmingly positive. Many cited the nano, rather than the Rokr, as the more important product,” Gabriel Madway reports for MarketWatch. “Credit Suisse First Boston raised its price target on Apple to $56 from $45. Analyst Robert Semple said in a note that ‘these products keep Apple positioned to continue its dominance of the portable music market.’ First Albany hiked its Apple price target to $53 from $48, forecasting strong demand for both Apple’s iPod products and its computers. UBS also raised Apple’s price target to $59 from $54.”
Full article here.
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