Apple Computer "buy," target price raised - update

02/25/05 - Banc of America

NEW YORK, February 25 (newratings.com) - Analyst Keith Bachman of Banc of America Securities maintains his "buy" rating on Apple Computer (AAPL), while raising his estimates for the company. The target price has been raised from $85 to $97.

In a research note published this morning, the analyst mentions that the FY05 sales estimate for the company's iPod Shuffle product has been raised from 4.4 million to 5 million units. Banc of America Securities expresses its optimism regarding the iPod Shuffle’s sales prospects in the global market. The demand for Apple Computer's Mac Mini continues to be robust and the sales estimate for the product has been raised from 305,000 to 900,000 units, the analyst says. The EPS estimates for FY05 and FY06 have been raised from $1.87 to $2.11 and from $2.16 to $2.50, respectively.