updated 11:00 am EST, Tue November 29, 2005
AAPL target raised to $78
Analyst Chris Whitmore of Deutsche Bank Securities has reiterated his "buy" rating on Apple stock, while . Whitmore raised his target price from $60 to $78 and said--in a research note published yesterday--that the company's earnings for F1Q06 are expected to be driven by high video iPod shipments, according to NewRatings.com. The firm raised its estimates for video iPod shipments for the December quarter from 9.5 million units to 11.0 million units, noting that recent channel and supply chain checks indicate that Apple's product mix is "significantly shifting towards more expensive video iPods." The report notes that the EPS estimates for Apple for FY06 and FY07 have been raised from $1.70 to $1.85 and from $2.00 to $2.20, respectively.