Apple Gets an Upgrade

Needham upgraded shares of Apple(AAPL Quote) on Wednesday, citing strong iPod sales and a potential PowerMac rebound.

Analyst Charles R. Wolf upgraded the company's shares to buy from hold, set a $23 price target and increased his full-year 2003 and 2004 earnings estimates.

iPod sales have increased unexpectedly since late April after the launch of the iTunes Music Store and the availability of new iPods, Wolf said. He added, "Sales of the iPod should receive an additional boost when Apple ports its award-winning iTunes jukebox software, which powers the iPod, to the Windows platform later this year." ...