November 22, 2004

PiperJaffray puts $100 Price Target on Apple Shares

Big thanks to Your Mac Life for this info:
Broker PiperJaffray overnight upped its price target on Apple Computer Inc. (AAPL) stock from $52 to $100 - close to double the stock's price on Friday - citing findings from its own survey of iPod users. "We believe that the remarkable satisfaction with the iPod creates a word-of-mouth wildfire that generates new customer interest in Apple products," the broker told clients. The $100 price target means the stock would trade at 37 times the broker's calendar 2006 earnings and cash estimate per share. The broker said, "While this multiple is a premium to the comp group, we believe it is warranted given the growth potential of the iPod and its carryover to the core Mac business.


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