Markets & Finance

Banc of America Ups Apple to Buy


From Standard & Poor's Equity Research

Banc of America upgraded Apple Computer (AAPL) to buy from neutral, explaining that demand for MacBooks has risen.

Analyst Keith Bachman expects the company to have the same product introduction schedule as mentioned previously - the new Nano will come out late in the September quarter, with the modestly upgraded Video coming out in the calendar year fourth quarter. He also thinks there will be upside potential from the iPod of 8 cents to 12 cents and notes that he hasn't included the impact of an Apple phone, which could be between 3 cents and 5 cents in fiscal year 2007. He keeps his $2.19 fiscal year 2006 (ending September) earnings per share (EPS) estimate. He also raises his $2.42 fiscal year 2007 EPS estimate to $2.66 and his $68 stock price target to $79.


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