Piper Jaffray raises target for Apple shares to $279

Tue, Jan 19, 2010

Finance, News

With Apple poised to announce its earnings from the most current quarter next week, Gene Munster of Piper Jaffray sees nothing but dollar signs in Apple’s future. Calling 2010 “The Year of the Mac,” Munster raised his price target on Apple stock up to $279 citing strong and growing Mac sales. For the upcoming December quarter, Munster anticipates Mac sales to come in at 3.1 million units and iPhone sales to come in at 9.3 million units.

In a recent note to investors, Munster noted: “Keep in mind, before the economic slowdown began Mac units were up 30-40% (year over year) on a quarterly basis. While hype surrounding the expected tablet will be focus of Apple long-term strategy, we believe we will see meaningful near-term upside from the Mac business.”

Further Reading:

Can Apple’s stock price surge past $376?

Jim Cramer has $300 target for Apple shares



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