|CBS MarketWatch is reporting that another Wall Street analyst has raised its target for Apple to US$90, up from US$75. This comes from Warburg Dillon Read, long time Apple Bulls. According to CBS Marketwatch:
Charlie Wolf and William Shope upped their price outlook to $90 a share from $75.
The two analysts based the increase on the company's "possible revenue and earnings upside from the IBook" plus its new line of G4s and the new IMacs set to be introduced in October.
"We currently forecast 1.4 million unit shipments (for the G4) in fiscal 2000," the analysts wrote in a research note. "Because the G4 has the highest gross margin in Apple's product portfolio, we estimate each 100,000 units of additional sales would add 15 cents to our current 2000 estimate of $3.20."
Apple has been trading higher than its record high set on Friday throughout the day and has closed at yet another new high today. The markets were closed on Tuesday in observance of Labor Day (a holiday in The States). We will have details on today's trading in our Apple Stock Watch.
You may be interested in reading today's column from The Apple Trader titled Buy AAPL or get left behind for good!.
For other articles on Apple's stock performance, check out our Apple Stock Watch Special Report.
The Mac Observer Spin: Wow, a target price of US$90! It was only a few weeks ago that analysts were cooing about Apple and setting target prices in the US$60 to US$70 range. The G4 and the iBook really have Wall Street excited. We expect other analysts to start chiming in on Apple during the next two weeks. They too will be raising Apple's target price.