Apple Computer shares are seeing the benefit of a broker upgrade in early trading today.
“Apple Computer, Inc. rose 2.5% to $67.20 on Inet after Banc of America Securities upgraded it to buy from neutral and raised its price target to $79 from $68, citing strong demand for MacBooks and iPod digital music players.
The broker told clients that depending on whether Apple can generate enough additional unit sales in the second half, it sees upside potential to earnings from iPods of 8 cents to 12 cents a share,” Steve Goldstein and Tomi Kilgore report for MarketWatch. “Bank of America noted that it is not taking into account the impact of an Apple phone, which it expects to be introduced in 2007.”
Full article here.