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Tuesday, November 09, 2004, 08:00 am PT (11:00 am ET)

Analysts raise Apple, iPod projections for the quarter

Following an AppleInsider report that projects Apple to surpass $3 billion in revenue this quarter on sales of nearly 4 million iPods, Merrill Lynch analyst Steven Milunovich has once again lifted his projections for the company.

Milunovich overnight raised his projections for unit sales of Apple's iPods to 3.5 million in the December quarter, up from the 2.68 million figure he provided in late October. Milunovich also lifted estimates for revenue in the quarter to $3.2 billion from $2.9 billion, projecting earnings per share at 45 cents.

"Whereas the older generation still thinks it strange to own a Mac, the younger generation may consider Apple a core brand for their digital lifestyle. That would allow the company to introduce successful new consumer products over time."

Milunovich now targets Apple's stock price at $61 a share.