Apple is bucking Wall Street's downward trend with a $4.43 share value gain on yeterday's trading.
The company's shares closed at $69.80, buoyed by the revelation of its phenomenally successful first quarter 2005 financial results, which set a new company record. Apple stock gained $4.34.
Investors are considering the fact that Apple's $295 net income in the quarter exceeded its full-year earnings in 2004. Apple achieved 75 per cent year-on-year growth.
Analysts across the street continue to return positive estimates on the company. UBS raised its estimates last night; while Fulcrum Global this morning reiterated its 'buy' assessment, raising estimates to $90 from $81.
Despite a more neutral advisory sent to clients earlier this week, Prudential analyst Steve Fortune yesterday upgraded Apple to 'overweight', with a significant increase in target price - from $75 to $93.
Analysts at Needham & Co., Piper Jaffray, JP Morgan, Soleil Securities and the Bank of America all raised estimates or ratings yesterday.