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CSFB upgrades Apple, raises price target

CS First Boston has upgraded Apple to outperform from neutral “on the belief that the next leg up in the stock will be driven by the company’s success in the PC market, as its Mac line has just completed its second-straight quarter of market share gains,” reports MarketWatch. Analyst Robert Semple raised his stock price target to US$45 from $40, his 2005 earnings estimate to $1.36 a share from $1.32, and his 2006 forecast to $1.61 a share from $1.52. “We believe that while iPod has been the growth catalyst for the story to date, the Mac business is now poised to deliver strong growth, market share gains and positive earnings revisions over the coming quarters,” Semple said.

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