Latest Business News and Financial Information | Reuters.com:
Piper Jaffray analyst Gene Munster raised his 12-month price target to $100 from $52, citing a survey conducted by his firm showing that Apple’s popular iPod digital music players are helping boost sales of its signature Macintosh computers.
Another analyst, Robert Cihra, of Fulcrum Global Partners, also boosted his price target, although less dramatically, in a separate research note to clients. He set a new target of $65, up from $53.
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In a note to clients, Munster wrote that a Piper Jaffray survey of 200 iPod users in the United States found that 6 percent were formerly PC users who had bought a Macintosh computer after their purchase of an iPod.Another 7 percent of those surveyed said they planned to buy a Macintosh, according to the survey.
Customer satisfaction with the digital music player also was very high, Munster said.
“We believe that the remarkable satisfaction with the iPod creates a word-of-mouth wildfire that generates new customer interest in Apple products,” he wrote.
Munster has an “outperform” rating on the stock.
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