Analyst: Apple May Surge 34 Percent by End of 2008
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Analyst: Apple May Surge 34 Percent by End of 2008

Andrew Neff increased his share-price forecast for Apple maker to US$249 from $243 and raised his earnings estimate for the fiscal year ending in September by 2.9 percent to $5.40 a share. He also cited "strong consumer acceptance'' of Mac OS X 10.5 ("Leopard") and added that the company is "strongly positioned for the holiday season given the confluence of product cycles'' for Mac and iPod.

"We see Apple's story becoming stronger and evolving from a company dependent on one hit product to one with multiple growth engines,'' Neff wrote in note to clients. "Mac product cycle continues to gain momentum following the migration to Intel-based CPUs, along with very competitive pricing, OS refresh, and expanding distribution.''

Bloomberg notes that Neff's $249 forecast is the second-highest among 29 analysts who track the stock,. Piper Jaffray & Co.'s Gene Munster has a forecast of $250.

 
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