Monday, June 21, 2004, 01:05 pm PT (04:05 pm ET)
First Albany raises estimates on Apple ComputerAccording to analyst firm First Albanys research note published this morning, iPod sales are expected to regain momentum by the September quarter.
The analysts mention that the company is poised for robust near term unit growth in its iPod Mini and iTunes products in the European market. Moreover, First Albany expects Apple Computer to benefit considerably from its summer launch of the HPod (Hewlett Packard iPod) product in the forthcoming quarters.
First Albany also expects the company to resolve its issues with iPod supply constraints by the September quarter (the end of Apple's fiscal year).
While First Albany renewed its "neutral" rating on Apple Computer, EPS (earnings per share) estimates for FY04 and FY05 have been raised from $0.61 to $0.65 and from $0.72 to $0.88, respectively. The P/E (price/earnings) estimates for FY04 and FY05 are 50.6x and 37.4x, respectively.
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