Needham upgrades Apple to 'buy'

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Needham & Co. Inc. analyst Charles Wolf says iPod sales are soaring since Apple launched its iTunes Music Store, according to a BusinessWeek article.

The analyst adds that sales should pick up even more steam when the a Windows version of iTunes and the iTunes Music Store is unveiled later this year. He also thinks that Power Mac sales, which have tanked, could rebound from October to December "on the alignment of this key sales driver," BusinessWeek notes.

With these factors in mind, Wolf changed Apple's rating from "hold" to "buy." He has raised the 22 cents fiscal 2003 earnings per share estimate to 23 cents, and upped the 50 cents fiscal 2004 estimate to 60 cents. He also set a $23 target, according to BusinessWeek.

This story, "Needham upgrades Apple to 'buy'" was originally published by PCWorld.

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