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Needham Upgrades Apple Computer to 'Buy'

Needham upgraded Apple Computer (AAPL) to buy from hold.

Analyst Charles Wolf says sales of iPod have unexpectedly accelerated following the launch of iTunes Music Store, and the introduction of new iPods in late April. He says sales should receive an additional boost when the company ports the award-winning iTunes jukebox software, which powers iPod, to the Windows platform later this year.

Wolf thinks sales of the high-end PowerMac family, which have fallen for two years, could rebound from October to December on the alignment of this key sales driver. He raised the 22 cents fiscal 2003 (Sep.) earnings per share estimate to 23 cents, and upped the 50 cents fiscal 2004 estimate to 60 cents. He also set a $23 target.

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