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AAPL Stock: 94.72 ( + 0.78 )

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ValuEngine upgrades Apple stock

updated 02:45 pm EDT, Wed September 24, 2008

ValuEngine upgrades AAPL

Analysis and forecasting company ValuEngine has upgraded its status on Apple stock from Hold to Buy, according to its weekly bulletin. Company size, risk, and five-year annualized returns were cited as primary reasons for the change. Apple has been riding well on the success of its iPod and iPhone product lines, along with Macs, ValuEngine comments. The firm's models show a current fair market value of the stock to be $182, while the actual trading price this week has dropped into the $130 range.

Gene Munster, an analyst from Piper Jaffray, has even higher expectations for the stock with a 12-month price target of $250. Shortly after Apple's recent announcement of new iPods, Piper noted historical trends that showed gains of 41 percent from the September events to four months later, after the holidays.

Although some investors seeking refuge from financial market volatility may begin looking at tech stocks, some analysts are reigning in estimates for the sector's overall growth. Apple is said to have positioned itself differently from its competitors, however, appealing to a market that is capable of generating strong sales even during an economic slump.




by MacNN Staff

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