Newratings.com is reporting that Needham & Co. has raised its target price for Appleis stock from US$43 to $62 per share. The firm also reiterated its "Buy" rating for the stock.
The news follows Piper Jaffray raising its own target price for AAPL from $52 to $100 over the weekend, which set off a buying frenzy that propelled the stock up more than 11% in heavy trading on Monday. The stock crossed the 61 mark to close Monday at $61.35, up 11.2%.
On Tuesday the stock held onto those gains, closing down 8 cents at $61.27.
Piper Jaffray analyst Gene Munster said in a report that a survey of 200 randomly selected iPod owners found very high brand-loyalty, and that this brand-loyalty would build demand for Appleis other products, like the Mac. Mr. Munster raised his target for the stock based on that demand.
AAPL has not yet begun trading Wednesday.