updated 08:15 am EDT, Mon July 31, 2006
AAPL upgrade by BofA
Bank of America equity research upgraded Apple to 'buy' from 'neutral." In addition, the frim raised its price target to $79 from $68, citing strong demand for MacBooks and iPod digital music players. MarketWatch reports that Bank of America's research arm told clients that Apple generate enough additional unit sales in the second half of the year, it believes that iPod earnings could increase profits by 8 cents to 12 cents per share. Bank of America, however, noted that it is not taking into account the impact of an Apple-based mobile phone, which it expects to be introduced in 2007. Earlier in July Merrill Lynch upgraded Apple, following Apple's tacit acknowledgement that it was working on solution to counter the recent success of Sony's walkman phone. Well-known colunits Walter Mossberg has publicly said that Apple has been working on an Apple-branded iPhone, while reports have surfaced indicating that the company has been searching for mobile phone parts suppliers.