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CNBC, the TV channel, not the web site, is reporting that Paine-Webber has initiated coverage of Apple and issued a target of US$70 per share. The reasoning, according to CNBC, is that projected growth of 44% for Apple is simply not high enough.
As of press time, this coverage, including a press release, has not hit the Internet yet (any Observers spotting it can please let us know). As soon as it does, we will update our coverage with full coverage of Paine-Webber's move.
Apple's stock has reacted positively, trading at 54 7/8, up 3/4 or 1.39 as of 10:05 AM, CDT (including a 15 minute delay).
For more of our coverage of Apple's stock, check out our Apple Stock Watch Special Report.
The Mac Observer Spin: This is good news for Apple's stock and we really should see an increase throughout the day, barring anything unpleasant hitting the market.
Apple
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