Briefing.com reported this morning that Dan Niles of Lehman Brothers had raised his rating on Appleis 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 Appleis 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. Lehmanis 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. Nilesi 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.