HN

Banc of America Raises Apple Price Target to $93 (Update4)
HN
By Michael Patterson and Ville Heiskanen
Nov. 24 (Bloomberg) -- Apple Computer Inc. had its 12-month share price estimate raised to $93 from $84 by Banc of America Securities, which cited higher sales of laptop computers.
Unit sales of notebook computers should grow 20 percent in fiscal 2008, analyst Keith Bachman wrote today. He estimated 2008 profit would be $3.25 a share on sales of $26.9 billion. Analysts in a Thomson Financial survey expect profit of $3.20 on sales of $26.3 billion.
Apple will attract more customers for the laptop because the company is making it easier for users to run both its own operating system and Microsoft Corp.'s Windows, Bachman said. He rates the shares a ``buy.''
Shipments of the company's iPod music players will rise 12 percent in fiscal 2008 and desktop computer shipments will increase 3 percent, Bachman wrote. Apple's fiscal year ends Sept. 30.
Apple also may introduce mobile phones next year, which will help bolster revenue, Bachman wrote. His projection is for Apple to sell 3.9 million phones in 2007 and 6.7 million in 2008. Spokesman Steve Dowling didn't immediately return a call seeking a comment on whether Apple plans to start selling mobile phones. Dowling on Nov. 15 declined to comment on the issue.
The shares climbed $1.32, or 1.5 percent, to $91.63 as of 1 p.m. New York time in Nasdaq Stock Market composite trading. They've risen 28 percent this year. U.S. markets were closed yesterday for the Thanksgiving Day holiday, and trading ended three hours early today.
Apple shipped a record 1.61 million Macintosh computers in the latest quarter, equal to 30 percent growth, according to a statement last month. Fiscal 2006 earnings per share were $2.27 on sales of $19.3 billion, Apple said then.