Analyst: 11% of Windows iPod users to buy a MacIn a research note released to clients on Thursday and obtained by AppleInsider, Needham & Co. analyst Charlie Wolf raised his target price on Apple Computer to $104 a share. The analyst reiterated his assumption that 11% of Windows users owning iPods will purchase a Mac, and notes that sales at the iTunes Music Store have accelerated to a $450 million annual run rate. \"The increase in music sales in combination with a decrease in peripheral sales in our revised model raises Apple\'s overall gross profits because music sales are much more profitable than peripheral sales,\" Wolf said. In addition to raising its Apple price target from $83 to $104, the firm also raised its earnings per share estimates from $1.85 to $2.00 in fiscal 2005, and from $2.25 to $2.50 in 2006. Needham maintains a \'Buy\' rating on Apple.
On Topic: General
- Apple CEO Tim Cook calls doom and gloom 'huge overreaction,' turns sights to India
- Apple's Jony Ive previews The Met's 'Manus x Machina'
- Hulu could beat Apple to the punch with live TV subscription service
- This week on AI: Apple's no-good terrible quarter, a death in Cupertino, 'Apple Watch 2' rumors & more
- Apple redesigns Support website with clean layout, responsive UI