A leading Wall Street analyst firm last night upgraded its rating on Apple Computer, raising estimates too.

Analyst Gene Munster of Piper Jaffray issued a 'market perform' rating on the company and raised his target price for the company's stock from $30 to $32. Apple shares closed at $28.06 last night.

Market news service NewRatings claims the analysts research note confirms that Apple to have split its product development segment into two divisions – Mac and iPod.

"This asserts the company's increasing focus on the consumer electronics products segment". He expects the company to shift more resources to its non-Mac business segments.

NewRatings writes: "The analyst expresses his optimism regarding Apple Computer’s accelerated iPod sales growth over the next few years. Moreover, the company is reportedly engaged in the development of several new products, including a 30-inch monitor, colour screen iPod and multi-colour desktops."

The analyst did criticize Apple's dependence on the education, consumer and creative markets.