updated 11:20 am EST, Tue December 21, 2004
Apple to exceed guidance
Apple will , Credit Suisse First Boston says. Thee financial firm also raised the the target price for Apple to $70 from $40. "With this season's hottest CE [consumer electronics] product and a new product cycle in its flagship iMac, Apple is poised to significantly exceed its initial December quarter outlook issued on its fiscal fourth-quarter conference call in October," the research firm said. CSFB said its new target price of $70 represents a 34 times multiple on 2006 net operating profit after tax, "a level we believe more than adequately reflects Apple's long term prospects."