updated 09:15 am EST, Thu January 12, 2006
AAPL up in pre-market
Research firm Bear Stearns to outperform from peer perform, citing an improved revenue and earnings growth rate, reduced risks for transition to Intel and an increased clarity into new products, according to MarketWatch. "The stock was last up $1.05, or 1.3%, at $84.95 in Instinet pre-open trading, after closing at an all-time high on Wednesday. Analyst Andrew Neff has set a price target of $105, and raised his 2006 earnings estimate to $2.53 a share from $2.12 and his 2007 forecast to $3.14 a share from $2.42, due to a less-than-expected seasonal decline iPod sales in the fiscal second quarter and an earlier-than-anticipated transition to Intel. According to the reort Neff feels the risks to the transition to Intel chips have diminished since Macs represent a lower portion of total revenue than a year ago.