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Analyst Bumps Apple Target Price to $110

Analyst Bumps Apple Target Price to $110

by , 12:55 PM EST, November 27th, 2006

ThinkEquity analyst Jonathan Hoopes is predicting strong holiday sales for Apple Computer, and should lead to a strong first quarter for the company. He estimates Apple will show US$1.45 billion in retail store sales for the quarter, according to Forbes.

ThinkEquity conducted a survey of 28 Apple retail stores over eight states on November 24, "Black Friday," and counted as many as 1,750 visitors per hour with an average of eight purchases per 100 visitors. Mr. Hoopes commented "The overwhelming majority of purchases fit into a small bag. That said, demand for CPUs (notebooks and desktops) and larger beyond-the-box items (such as printers) also appeared healthy."

Apple stock also hit a 52 week high of $93.16 for a short period on Monday.

Mr. Hoopes raised his target price for Apple's stock from $100 to $100, and is maintaining a "Buy" rating. Apple is currently trading at $90.32, down 1.31 (1.43%).

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.


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