This marks the latest in a string of recent financial analyst upgrades on Apple.
This Monday, an ON24 audio news report predicted that Apple will trend to $75 per share later this year, because while Apple is growing at a rate comparable to its PC peers, Appleis P/E of 27 is about half the industry average of 56. The report also provides an overview of Appleis financial news since MACWORLD in July.
The same day, MacCentral reported that, "DEAglobal, a group of analysts that provide online research... sees potential for shares of AAPL to reach their previous highs, of approximately $75, later this year."
On August 9th, Reuters reported PaineWebber raised its rating on shares of Apple to attractive from neutral. Analyst Don Young set a target price of $56 on the stock and said growth will be driven by Appleis strong retail inventory position and new product focus. See my recent article about Appleis inventory and retail execution.
Early this year, data was released showing the percentage of technology funds investing in Apple has climbed to 26.8% in June from 17.9% at the beginning of this year.
In an article this morning at thestreet.com Wall Street Pundit James Cramer said,
Personal computer day! People talking up Apple (AAPL) and Gateway (GTW). Compaqis (CPQ) on the cover of BusinessWeek and Intel (INTC) says business is strong.
It is, in short, the safest group out there and we are augmenting positions in the names. In fact, the only one that we arenit plunging into is Dell (DELL), but thatis because the others have all been picking up new sponsorship and gaining steam. They arenit expensive, either.
Appleis Stock (AAPL) was trading higher by about $1 at $57 1/16 this morning.
For other stories regarding Appleis stock activity, visit our Apple Stock Watch Special Report.