updated 11:25 am EST, Thu November 10, 2005
Strong holiday season?
An analyst today raised her price target for shares of Apple over 16.5 percent to $70 from $60, and maintained an "overweight" rating on Apple Computer, and continued portfolio expansion with the possible introduction of Mactels next year. Rebecca Runkle of Morgan Stanley said "Apple is evolving into a growth-driven portfolio franchise," and expects calendar fourth-quarter 2005 results to be "impressive," driven by an expanded iPod installed base, new iPods, extended digital content, and CPU refreshes, according to a report from Forbes.com. "As the portfolio strategy expands, margins have the potential to increase similar to other secular growth stories. As a result, upside exists to current expectations and Apple shares continue to look attractive over the next 12 to 18 months," Runkle said.