Banc of America Raises Estimates Citing "Significantly Stronger" iPod shuffle Sales

Banc of America Securities raised its target price on Apple to $97 from $85 and upped its second-quarter and fiscal 2005 estimates Friday.

Citing "significantly stronger than anticipated" sales of the iPod shuffle, the firm raised its second-quarter earnings estimates to 44 cents per share from 40 cents, and increased its fiscal 2005 view to $2.11 from $1.87. Fiscal 2006 estimates were also raised to $2.50 from $2.16.

Banc of America expects Apple to ship 1.2 million iPod shuffles for the March quarter, with sales of the Mac mini coming in around 200,000 due to manufacturing constraints.