This Story Posted:
July 8th, 1999

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[2:10 PM]
Pile On: Wall Street Analysts Raises Apple Target To US$75
Amidst the strongest showing Apple has had in more than 6 years, Wall Street analysts are continuing to shower praise down upon the company. Giving credence to the concept that US$50 will become a support level instead of a glass ceiling now that it seems to be crossed, Robertson Stephens of BancBoston has raised his rating on Apple from a Long Term Attractive to a Buy. In addition, Mr. Stephens has set a new 12 month target. According to Reuters' report:

BancBoston Robertson Stephens analyst Alex Mou raised his rating on personal computer maker Apple Computer Inc. Thursday to buy from long-term attractive.

"We believe Apple is well positioned for the September quarter, with a strong product lineup following a solid June quarter," he said in a report.

"We expect that the software portfolio will provide upside to earnings and margins with the release of Sonata in the fall and Mac OS X (server software) early next year. We are raising our (earnings-per-share) estimates from $2.75 to $2.80 and from $2.86 to $3 for fiscal 1999 and fiscal 2000, respectively.''

He set a 12-month price target of $75.

As of 2:08 PM CDT, Apple was trading at 54 5/8, an increase of 4 3/4 or 9.52%.

For other stories involving Apple's stock, check out our Apple Stock Watch Special Report.

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