UBS Raises Apple Price Target to $100

On the heels of Apple's announcement that it sold 14 million iPods and achieved revenues of $5.7B last quarter, UBS Investment Research on Wednesday raised estimates and increased its target price on the company's shares to $100.

"While expectations ran high heading into this keynote in terms of product possibilities, we believe Apple's performance in 1Q06 far outweighs any product announcements made (or not made) at the event and should drive momentum in shares," analyst Ben Reitzes wrote in a research note sent to clients.

"We are excited about the new Intel Macs and other software products announced at Macworld and believe that Apple continues to innovate and is set to announce several new products over 2006 -- including a new media server, an Apple branded cell phone and additional media content," Reitzes added.

News source: AppleInsider

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