“Needham & Co initiated Apple Inc with a ‘buy’ rating and a $235 price target, and said with the surging sales of the Macintosh and the iPhone, Apple is poised to begin the second chapter of its growth story,” Anant Vijay Kala reports for Reuters.
“‘The iPod is yesterday’s news. Now the Apple story is all about the Mac and the iPhone,’ Needham analyst Charlie Wolf wrote in a note to clients,” Kala reports.
Kala reports, “Macintosh’s share of the worldwide personal computer market is likely to exceed 7 percent in the next decade, up from the current 3 percent, and the company is expected to post 2008 earnings of $5.25 per share, Wolf said.”
“The analyst was also bullish on the iPhone,” Kala reports. “‘The iPhone has redefined the smart phone market; and with constant innovation it should remain the gold standard of the industry indefinitely,’ Wolf wrote.”
Full article here.