JMP raises AAPL target to $93
updated 01:45 pm EST, Thu January 4, 2007
AAPL target raised to $93
JMP Securities today raised its price target on Apple by $9, saying the computer maker's stock is trading below its two-year average multiple of slightly more than 40 times earnings. The Street says that "the firm lifted its target to $93 from $84 and is expecting revenue of $6.8 billion for the December quarter. JMP is also looking for earnings, after all unusual items are accounted for, of 80 cents a share. Both are above the guidance Apple has provided. Apple's regulatory filings are positive in that the options backdating flap appears to be essentially behind the company, JMP believes. Still, the firm said there was some risk that legal action could be taken against the company or its management."
Fresh-Faced Recruit
Joined: Aug 2001
only $93?
Gee, really going out on a limb there, huh? Buncha pussies. I think there's a good chance we'll hit $99 by March 1. The teeny bit of a shadow cast by these auditing issues simply makes this a good time for latecomers to jump on the AAPL bandwagon.