Apple Stock (AAPL) was up US$2.89 to US$89.04 on Wednesday after Morgan Stanleyis Rebecca Runkle raised her target price from $90 to $110 according to Market Watch.
The Morgan Stanley analyst based her recommendation on Appleis new products expected in 2007 and believes "expanded product portfolio and market-share gains will boost the stock in the coming 12 months."
The report comes at a time when there have been several conflicting reports about Appleis iTunes sales, and both concern and anticipation for the rumored Apple iPhone. The Market Watch report also reflected healthy optimism for Appleis holiday sales, in their report:
"Apple is currently in the middle of what is traditionally its busiest business season, with forecasts of as many as 16 million iPod sales, up from 14 million a year ago. There had been some speculation that sales of songs through the iPodis companion iTunes Music Store were declining, but Piper Jaffray analyst Gene Munster said that such fears have been overstated."
The Piper Jaffray report was cited earlier today here at TMO.
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