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Merrill Lynch raises Apple target to $44

Merrill Lynch has raised its price target on Apple shares to US$44 from $39, citing the stock’s 20 percent discount to Dell based on an enterprise value/sales basis. “Dell’s valuation may be a more relevant comparable as the two companies’ growth rates and margins converge,” the firm told clients. “We are raising our September quarter estimate a penny to 19 cents on stronger iPod and iMac sales.”

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