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UBS iniates Apple coverage with ‘neutral’

Analyst Ben Reitzes of financial firm UBS has initiated coverage of Apple with a “neutral” rating. The target price is set to US$23. Reitzes expects Apple’s new offerings in the digital music segment to “considerably boost its earnings and revenue growth in the near term. In addition, UBS expresses its optimism regarding the robust growth prospects of the company’s new Power Mac G5 product and the continued sales momentum in its iPod and PowerBook segments in the forthcoming quarters.”

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