Apple shares rally (again)
Posted by Dennis Sellers 
Nov 28, 2005 at 9:59am
Apple shares rallied $1.17, or 1.7 percent, to US$70.51 in Instinet pre-open trading after several Wall Street analysts spoke positively of the company following an apparent strong beginning to the holiday selling season, reports MarketWatch.
Piper Jaffray analyst Gene Munster reiterated his outperform rating but raised his stock price target to $79 from $68, after his checks with Apple stores and third-party retailers indicated that iPod demand was “very strong.” Deutsche Bank’s Chris Whitmore affirmed his buy rating, raised his stock price target to $78 and upped his 2006 earnings estimate to $1.85 a share from $1.70. He sees a demand shift to more expensive iPods, which should improve average selling prices.
MarketWatch notes that Goldman Sachs’ Laura Conigliaro said that based on demand for iPods and iPod accessories, Apple’s ability to drive earnings higher should be secure through this quarter. J.P. Morgan’s Bill Shope said that while Apple aggressively moves to replenish inventories, he believes demand will continue to exceed supply, which suggests his 10.8 million iPod unit sales estimate will prove conservative.
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Dennis Sellers
Dennis has been a newspaper editor/reporter (seven years) and teacher (seven years). He has over 4,000 magazine, newspaper and online articles to his credit. He has also covered the Mac and tech industries for over a decade for such online publications as MacCentral, MacMinute and now MacsimumNews.
