First Albany Ups Apple Stock Target to $60

First Albany raised Appleis target stock price from US$53 to $60, speculating that the iPod nanois success will carry Apple in to a strong fourth quarter. Other factors, like the possibility of a video iPod, are also feeding analyst interest.

Analyst Joel Wagonfeld told the Dow Jones in a newsratings article, "Despite the stockis run and the inevitability that Appleis growth rate will eventually slow, we think renewed iPod demand/leverage and continued central processing unit share gains should enable sustained stock momentum through the end of the year."

Although Appleis stock dipped slightly on Wednesday, it hit a record high of $55.35 on Tuesday.