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Get Four
|  | NOVEMBER 22, 2004
 WORD ON THE STREET Piper Jaffray Reiterates Outperform for Apple Analyst Gene Munster says Apple's iPod popularity will carry over to its core Mac business Piper Jaffray reiterates Apple Computer (AAPL ) at outperform and raises its target price. Analyst Gene Munster recently surveyed 200 iPod users. The bottom line is that 13% of iPod users were formely PC users and that following their iPod purchase, have either already bought a Macintosh or plan to buy one in the next 12 months. He believes the remarkable satisfaction with iPod creates word-of-mouth wildfire and generates new customer interest. Munster raises his $52 target to $100, based on 37 times calendar year 2006 earnings per share, plus cash/share, vs. previous multiple of 29 times calendar year 2005 earnings per share. While it is a multiple premium to group, he believes it is warranted given the growth potential of iPod and the carryover to the core Mac business.  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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