AAPL- Upgraded Again

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Two financial institutions have raised their target prices for Apple stock. Merrill Lynch, stating that they are expecting an increase in iPod sales in the December quarter, 4 million up from 3.5 million, and 12.9 million for fiscal 2005 up from 10.7 million, raised target share prices to $78/share from $61/share, and also raised earnings per share from $1.38 to $1.45. Financial firm UBS, noting a survey of U.S. retailers showing a strong demand for higher end iPod photo and iPod mini as well as iMacs and accessories, raised target share price to $77/share from $66/share. This is, of course, good news for Apple investors.