Analyst Keith Bachman of Banc of America Securities has reiterated his “buy” rating on Apple Computer (AAPL). Bachman has also raised his target price from $43 to $56. Bachman raised Apple’s Earning Per Share (EPS) estimates for F4Q05 from $0.33 to $0.38 and FY06 from $1.48 to $1.75.
In his research note, Bachman noted that unit growth in 2006’s digital music player market is likely to be higher than was previously estimated. Channel checks indicate healthy unit sales of Apple’s iPod lines, the analyst says.