updated 12:05 pm EDT, Mon June 28, 2004
Analyst upgrades AAPL
Analyst Gene Munster of Piper Jaffray has and raised his price target from $32 to $40 as well as his EPS estimates for FY05 and FY06, according to NewRatings: "According to Piper Jaffray's research note published this morning, Apple Computer is poised to benefit considerably in the long term from its significant leverage to the digital convergence trends. The analyst mentions that the company is likely to witness robust demand growth for its Mac products, boosted by continued near-term digital convergence momentum. Apple's specialist resellers in the US have expressed their optimism regarding the robust near-term sales growth potential of the company's products, with significant strength in the PowerBook products, Piper Jaffray says. The analyst expects Apple Computer to report its June quarter sales ahead of the consensus estimates."