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Lehman Brothers Upgrades Apple's Stock On G5, Music Revenue Potential

by , 2:10 PM EDT, September 29th, 2003

Briefing.com reported this morning that Dan Niles of Lehman Brothers had raised his rating on Apple's stock from "equal eight" to "overweight." Overweight is a designation that says a stock "is expected to outperform on a 12-month risk-adjusted basis" (definition courtesy of a BusinessJournal article). Long term revenues from Apple's new G5 platform and its music business are cited by Mr. Niles as the catalyst for the upgrade. CBS Marketwatch included some of Mr. Miles comments in a short report on AAPL advancing in front of Mr. Lehman's upgrade. From the article:

Niles said that in addition to "solid back-to-school demand," Apple stood to gain from long-term potential from its G5 PowerMac computers and music-related revenue.

Mr. Niles' target for AAPL is set at US$24, up from US$22. The stock is currently trading at 21.32, up 0.63 (+3.04%), on strong mid-day volume 4,935,615 shares trading hands.

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.

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