Banc of America Securities has initiated coverage of Apple Inc (AAPL) with a “Buy” rating.
“Wall Street analysts have been practically falling over themselves to raise their price targets on Apple’s stock, and Craig admitted that ‘we are late to the Apple party,'” Rex Crum reports for MarketWatch.
“Still, he set a $160 price target on Apple’s shares, and said he believes the stock has some room left to rise because Apple continues to gain PC market share with its Macintosh, and its iPod businesss should also improve with new models expected by early fall,” Crum reports.
“Craig said there has recently been ‘too much focus on near term iPhone unit sales and not enough on the [company’s] game-changing business model,'” Crum reports.
Full article here.
“game-changing business model,
“
love that quote
It is taking them time, but hand it to them, they are learning and with that learning comes more Mac sales…a virtuos loop of discovery, enjoyment, time saving and money saving & making all rolled into one product.
The seed is planted. Bank of ATMviruses has always ignored Apple
in every way, and although I don’t like them ever since their employee told me…”you’ll be back” when I closed my account, I still recognize them as influential to the sheep, so if they recognize Apple finally, I welcome them to the AAPL awareness club and see their influence in a positive way.
How do you raise your target price if you are just initiating coverage?
Anyone?
See, I told you… deep price cuts in iPhone = higher targets for AAPL from everybody!
Even though he has a buy on Apple, I noticed his two best picks for stocks were DELL and Sun, so you might want to take the rest of his advice with a grain of salt. They say even a broken clock is right twice a day, so I guess the once in a day would likely be his buy recommendation on AAPL.