updated 10:20 am EST, Mon January 14, 2008
B. of America boosts Apple
An analyst with the Bank of America has raised his financial expectations for Apple based on sales figures, according to Thomson Financial. Scott Craig says that as a result of computer sales following the release of Mac OS X Leopard, he is raising his first-quarter earnings forecast from $1.52 per share to $1.60; revenue estimates, meanwhile, are being pushed from $9.3 billion to $9.6. For fiscal year 2008, Craig is predicting a growth of $5.04 per share instead of $4.87, and revenue of $31.7 billion versus $30.7 billion.
The stock is of course being given a "buy" rating, with an eventual price target set at $200. Craig argues that while the surrounding economy may fluctuate, Apple is "less likely" to be affected, due to diversified business, loyal customers and a swelling market share.