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.