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Prudential: ‘iPod story has legs’

Prudential Equity Group has raised estimates and the price target on Apple, citing “”stronger-than-anticipated iPod sales” and “marginally better” sales of the Macintosh platform, reports Forbes. Prudential specifically commented on the “positive news flow” regarding potential new products, including: “a new flash-based iPod, enhanced value proposition from the iPod mini, and a ‘headless iMac,'” but said that this was not factored into their estimates. Forbes has the specific financial details, but of note is Prudential’s estimate that it sees shipments of 15.0 million iPod units and 22.5 million units in fiscal 2005 and 2006, respectively. “We believe that the iPod story has legs, and having reached critical mass, is capable of moving both the revenue and earnings needles materially,” Prudential said.

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