updated 03:10 pm EDT, Mon July 31, 2006
New Nano hope bumps AAPL
Apple shares rose 2.2 percent today to $67 following an upgrade on the stock by Bank of America analyst Keith Bachman. The upgrade was prompted by high demand for Apple notebooks, as well as the expected launch of a new iPod nano later in the year, according to MacNewsWorld. Bank of America upgraded Apple to 'buy' from 'neutral,' raising its price target from $68 to $79 on beliefs that iPod earnings could boost profits by 8 cents to 12 cents per share. The firm noted, however, that it is not taking into account the possible launch of the rumored iPhone.