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|  | FEBRUARY 15, 2005
 WORD ON THE STREET Merrill Raises Apple Target Price Analyst Steven Milunovich sees 33% earnings per share growth over the next five years Merrill Lynch raised its target price for Apple Computer (AAPL ) to $102 from $85, and reiterated its buy rating on the stock. Analyst Steven Milunovich says Apple's new target is supported by a two-stage discounted earnings per share model that assumes post-fiscal 2006 (ending September) earnings per share growth of 33% for 5 years followed by sustained earnings per share growth of 5% per year. The company adds should be increasing real option value embedded in the stock as the company leverages iPod success into new product lines. He found it intriguing Sony President Kunitake Ando was on stage at MacWorld with Apple CEO Steve Jobs. Milunovich speculates an Apple/Sony partnership could put Apple at the heart of the HD and digital consumer revolution and provide grist for further earnings per share increase and stock appreciation.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
BW MALL
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