“Apple Computer Inc. shares rose more than 3% Wednesday as another Wall Street analyst raised her price target on the company’s stock and another said that Apple’s iTunes sales continue to appear to be strong,” Rex Crum reports for MarketWatch.
Crum reports, “Apple (AAPL) saw its shares rise $2.91 to close at $89.05, after Morgan Stanley’s Rebecca Runkle lifted her price target on the stock to $110 from $90, and also raised her 2007 earnings outlook to $3.13 a share from $2.58. Runkle said she anticipates Apple shares trading even higher in 2007 after appreciating almost 20% this year.
Runkle based her view about Apple on new products that are expected for next year, saying that she believes an expanded product portfolio and market-share gains will boost the stock in the coming 12 months.”
Crum reports, “There had been some speculation that sales of songs through the iPod’s companion iTunes Music Store were declining, but Piper Jaffray analyst Gene Munster said that such fears have been overstated. In a research note, Munster wrote that between January and September, Apple sold an average of 18.5 million songs a week through iTunes, up from 10.4 million a week over the same period in 2005. He said that Apple should see even more sales from iTunes in the coming weeks. ‘iTunes sales spike upward in January,’ according to Munster. ‘We attribute this post-holiday growth to new iPod owners and iTunes gift-card users. We expect another uptick in early 2007.'”
Full article here.
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