First Albany Raises Fiscal 2005 Apple Estimates

First Albany raised its earnings estimates and target stock price for Apple this morning, citing higher expectations for the companyis iPod, iMac, retail stores, and iTunes products, CBS Marketwatch notes.

Analyst Joel Wagonfeld increased his fiscal 2005 earnings estimate to $1.35 a share from $1.17 and revenue forecast to $10.8 billion from $10.2 billion. Appleis target share price was also rasied to $61 from $53, with a reiterated "buy" rating.

"We believe Apple will continue to benefit from a confluence of numerous ihalo effectsi based on iPod popularity, iMac uptake, retail store productivity and higher visibility among customers and investors," Wagonfeld said in his research note.

Apple opened trading today at $54.90.