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Lehman raises Apple forecasts, price target

Lehman Bros. have raised its earnings and revenue forecasts and stock price target for Apple, citing an improved outlook for iPod sales, reports MarketWatch. Analyst Harry Blount raised his iPod unit shipment estimate to 12.6 million from 8.7 million, his fiscal first-quarter earnings estimate to 57 cents a share from 49 cents and his revenue forecast to $5.6 billion from $4.7 billion. In addition, Blount raised his price target to $78 from $60, but maintained his equal weight rating on the stock.

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