A note on MarketWatch today reports that Lehman Bros. has raised its fiscal 2006 earnings estimates for Apple to US$1.32 from $1.30 per share. The broker attributes this to continued expansion of distribution, such as Hewlett-Packard on the iPod and Wal-Mart, but notes that Apple will be “temporarily locked in a trading range ‘until a meaningful new product cycle emerges or proof that PC is growth is coming from “halo” effect rather than price point expansion and channel fill.'”