April 12, 2004
SpeculatingStocks.com Stock Pick: Apple Computer, Inc. (AAPL)
Stock Price: $41.92 (short strong buy)
Apple Computer, Inc. designs, manufactures and markets their proprietary personal computers and software as well as other peripheals. The company also generates revenue in the music space through their iPod device and iTunes Music Store.
Apple Computer's Q2 numbers are due out on Wednesday. We expect their results to be solid and earnings to beat estimates of 24 cents a share on strong sales of their personal computers and iPod music player.
Piper Jaffray recently maintained an "outperform" rating on AAPL with a $50 price target. It seems like everyone is bullish on AAPL these days, they may be even more bullish after Wednesday's earnings release.
AAC has over $6 million in cash and short-term investments and is currently looking into several potential mergers and acquisition opportunities. AAC is about near its low for the year, and currently has little downside risk.
SpeculatingStocks.com Target Price: We expect AAPL to hit $50.00 within the next two weeks.