Merrill raises AAPL price target to $85, estimates
updated 01:30 pm EST, Thu January 13, 2005
ML raises AAPL target
Merrill Lynch analyst Steven Milunovich has upgraded Apple's price target to $85 and his estimates for Apple earnings, based on the in the consumer electronics industry after the holiday (December) quarter, which may decrease shipments of Apple's disk-based iPod, those available before the iPod Shuffle, to 2.3 million. The Merrill analyst also noted that Apple's net cash per share is one-quarter of the market cap and said the new price target is based an EV/S ratio of 2.1X future sales, a 14% premium to Dell's ratio due to Apple's faster earnings growth.
