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CS First Boston Raises Estimates for Apple

Apple Computer (AAPL) posted June-quarter earnings per share of 37 cents, vs. 8 cents. CS First Boston raised its estimates and reiterated its outperform rating.

Analyst Robert Semple says better-than-expected results reflect strength across all product lines and the well-received launch of Mac operating system Tiger. He says iPod delivered a blowout quarter, posting market share gains and growing units 616% year-over-year to 6.2 million. He says Apple's Mac business grew shipments 35% year-over-year vs. estimated industry growth of 10%-12%.

Semple notes the company's fourth-quarter guidance was slightly below the consensus, but he thinks momentum will continue into the second half of year, driven by strong seasonal demand and new product introductions.

He increased his EPS forecast from $1.36 for fiscal year 2005 (September) to $1.40, and from $1.61 for fiscal year 2006 to $1.65. He has a $45 price target on the stock.

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