Caris raises AAPL target

Research firm Caris & Co. today raised its price target on Apple shares from $110 to $115 based on predicted higher iPod sales in the June quarter over the March quarter. Firm analyst Shelby Seyrafi says he sees iPod units in the quarter growing to 11.9 million units from 10.5 million in the first quarter, while his previous forecast predicted a decline to 10 million units, according to Barron's. Checks from the hard disk market reveal strong demand for Apple's fifth-generation video iPod, according to the analyst, which likely accounts for between a quarter and a third of total iPod shipments. The analyst further suspects Apple's guidance for the June quarter as conservative, and sees upside for the iPhone. Caris & Co. raised its earnings-per-share estimates to $3.52 from $3.43 for the September 2007 fiscal year.

by MacNN Staff