Apple shares rise on growth expectations

“Apple Computer Inc. shares rose as much as 5 percent on Thursday on hopes the worst for the year was behind the company, with new Intel-chip powered Macintosh computers boosting sales. Citigroup raised its price target for the Cupertino, Calif. maker of the iPod digital music and video player to $85 from $82 and reiterated its ‘buy’ rating on the stock,” Reuters reports.

“‘Most of the negative news in the stock now appears to be out,’ Harry Blount, a Lehman Brothers analyst wrote in a research note. ‘Further, AAPL is likely to use margin levers to drive EPS growth until the next product cycle kicks in.’ To boost sales of its Macintosh computers, Apple introduced new models that use Intel Corp. produced chips that also has the ability to let users run the Microsoft Corp.’s Windows operating system.,” Reuters reports. “Wall Street expects the company to release a new iBook laptop in time for the back-to-school season and a new computer that will run Windows and Mac operating systems by the end of the year.”

Apple Computer shares are currently trading at $68.12, up $2.47, or 3.76%, on heavy volume of 33,813,537 shares.

Full article here.

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