Apple shares rose modestly Monday after an American Technology Research analyst raised his rating to Buy and an RBC Capital Markets analyst increased his price target for the computer and gadget maker s stock. Apple shares rose . or . percent to . . Earlier the shares traded as high as . their highest since early January. In a client note American Technology Research analyst Shaw Wu raised his rating to Buy from Neutral and set a price target. The change came about two weeks after Wu who has long been bullish on the stock lowered his rating to Neutral. Wu said Monday he overestimated the negative reaction on the fiscal second quarter and should have moderated his view instead of downgrading the stock a few weeks earlier. While Apple shares will likely remain volatile and we may see a better entry point from here we need to align our rating with our longer term view on fundamentals of the company he said in the note. In his Monday note Wu said he still sees a potential produc! t vacuum and drawdown in inventory in the June quarter but thinks this is fairly known and that investors will be more focused on products launching in the second half of the year. Also Monday RBC Capital Markets analyst Mike Abramsky raised his price target by to and reiterated his Outperform rating for Apple s stock. We see upside potential to iPhone estimates following changes in our opinion Apple may make to its iPhone business model expected to accelerate momentum and expand its global addressable market he said. He thinks the company may be planning to allow subsidized pricing of the iPhone to lower or drop the share of service revenue it takes from wireless carriers and to support global sales of unlocked iPhones. The analyst also thinks the company is on track to release an iPhone in June that is compatible with G or third generation wireless networks. Many analysts expect Apple to release such a product in the near future. The analyst raised his calendar year and i! Phone estimates saying the company could easily surpass its goal of selling million in . He also increased his fiscal and estimates for Apple. Email Story Set News Alert Print Story Copyright Yahoo Inc. All rights reserved. Privacy Policy Terms of Service Copyright The Associated Press. All rights reserved. The information contained in the AP News report may not be published broadcast rewritten or redistributed without the prior written authority of The Associated Press.
Source: http://biz.yahoo.com/ap/080505/apple_mover.html?.v=2
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