First Albany lifts Apple's 2005 earnings estimates
updated 09:45 am EST, Fri November 5, 2004
First Albany lifts AAPL
First Albany today and stock price target for Apple Computer, citing higher expectations for iPod products, as well as for iMac, retail stores and iTunes. Analyst Joel Wagonfeld increased his fiscal 2005 earnings estimate to $1.35 a share from $1.17 and revenue forecast to $10.8 billion from $10.2 billion. Wagonfeld lifted his price target to $61 from $53, and reiterated his "buy" rating. "We believe Apple will continue to benefit from a confluence of numerous 'halo effects' based on iPod popularity, iMac uptake, retail store productivity and higher visibility among customers and investors," Wagonfeld said in a note to clients. Apple stock closed Thursday down 86 cents at $54.45.
