Another day, another 52-week high at
The company's shares continued their upward trend Monday -- soaring more than 11% -- as a Piper Jaffray analyst said he expected the stock to hit $100.
Piper analyst Gene Munster raised his price target as well as earnings estimates for fiscal 2005 and 2006 after his firm's finding that 13% of iPod users in a survey sample were PC users who, after buying an iPod, either bought a Mac or were planning to buy one within 12 months.
Cutting this "halo effect" in half to remain conservative, Munster carried over a 6.5% boost to his new estimates: He now expects the company to earn $1.52 a share in fiscal 2005 (from $1.29) and $2.17 a share in fiscal 2006 (from $1.50).
While this multiple
37 times calendar 2006 EPS plus cash/share is a premium to the comp group, we believe it is warranted given the growth potential of the iPod and its carryover to the core Mac business," Munster wrote in a research note Monday.
In addition, Munster rated the shares as outperform. (Piper does and seeks to do business with companies covered in its research reports.)
Munster also reported that about 30% of Apple specialist resellers believed that the company's quarter was tracking above expectations, while nearly 70% thought the quarter was in line.
Apple shares were recently up $6.29, or 11.4%, to $61.46. The shares moved above $50 as recently as Oct. 27.