“Shares of computer and iPod maker Apple Computer Inc. jumped in afternoon trading on Monday after an analyst said the company may be positioned to deliver earnings upside in 2007,” The Associated Press reports. The analyst said his checks indicate “higher unit estimates” for MacBooks and iPods.
“Apple, which has traded between $42.02 and $86.40 over the last year, was up $2.31, or 3.5 percent, at $67.90 in afternoon trading on the Nasdaq,” AP reports.
“Banc of America analyst Keith Bachman upgraded the stock to a ‘Buy’ from ‘Neutral’ and lifted his price target to $79 from $68,” AP reports. “Looking forward, Bachman raised his 2007 earnings estimate to $2.66 per share from $2.42 per share, and said he expects the company to introduce an Apple phone in the June quarter of 2007, which he speculates may have a “modest” impact on his estimates. Analysts polled by Thomson Financial expect the company to report earnings of $2.59 per share in 2007.”
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BofA ups Apple Computer to ‘buy,’ expects ‘iPhone’ in 2007, shares rise in early trading – July 31, 2006