Piper Jaffray analyst Gene Munster has issued an 'outperform' rating on Apple, setting a $99 target price for the company's stock.
Munster says that, in his analysis, Apple's iPod is still gaining market share, holding the leading spots in Amazon's top ten electronics products, a report explains.
He also observed Apple's rapidly accelerating website traffic as being indicative of the company's "overall mind-share".
The analyst thinks Apple will have shipped over 85 million iPods by the end of 2006. The company has shipped 50 million iPods since October 2001.
"We do not believe the iPod is the only growth avenue for the company. Indirectly, we expect the iPod to continue to be a foundation for growth in other parts of Apple's business," the analyst explained.