updated 05:05 pm EDT, Fri April 7, 2006
Slower iPod growth rate?
Banc of America today cut its price target on Apple shares from $82 to $77, causing the stock to drop two percent. The firm cited Apple's lower forecasts for iPod and Mac sales as the cause, and said that iPod sales will remain strong with a slightly less substantial growth rate. BofA also believes that Apple's market share gains will be less than expected, according to Reuters. Apple shares had gained 15 percent over the past two days following the company's announcement of its Boot Camp software. By unveiling free software that will allow Intel Macs to run Windows XP, Apple hopes to broaden its market share by offering Mac users access to previously unusable Windows applications. The company has struggled with growth in the past -- especially in the enterprise market -- as businesses were hesitant to purchase Macs, mostly due to software limitations.