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Needham & Co. Raises Target for Apple's Stock, Reiterates "Buy"
by , 8:00 AM EST, November 24th, 2004
Newratings.com is reporting that Needham & Co. has raised its target price for Apple's stock from US$43 to $62 per share. The firm also reiterated its "Buy" rating for the stock.
The news follows Piper Jaffray raising its own target price for AAPL from $52 to $100 over the weekend, which set off a buying frenzy that propelled the stock up more than 11% in heavy trading on Monday. The stock crossed the 61 mark to close Monday at $61.35, up 11.2%.
On Tuesday the stock held onto those gains, closing down 8 cents at $61.27.
Piper Jaffray analyst Gene Munster said in a report that a survey of 200 randomly selected iPod owners found very high brand-loyalty, and that this brand-loyalty would build demand for Apple's other products, like the Mac. Mr. Munster raised his target for the stock based on that demand.
AAPL has not yet begun trading Wednesday.
If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.
Observer Comments
Thu Nov 25, 2004 2:18 am Subject:
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