Apple stock up nearly 3%

Shares of Apple are up nearly 3 percent to a 4-month high, ahead of the September 12th "Showtime" event and after an analyst upgrade and prediction of new digital living room products. MarketWatch reports that UBS analyst Benjamin Reitzes has increased the target price on Apple stock, saying that he expects Apple to make "a major move into the digital home" which may have the potential to multiply its revenue streams. Reitzes said the move could also result in higher sales of Mac computers, according to the report. Reitzes, reiterating his buy rating on the stock, raised his price target to $92 from $80 and increased his fourth-quarter earnings estimate to 50 cents a share from 49 cents and his revenue forecast to $4.65 billion from $4.63 billion. For 2007, Reitzes now expects profits of $2.70 a share (up from $2.65) and revenues of $23.9 billion (up from $23.7 billion). Apple stock was last up $2, or 2.9%, at $72.01, the highest price seen since May 9.

by MacNN Staff