Independent research firm Zurich TTS is targeting an Apple stock price of $116 for the next twelve months.

Zurich is not a financial analyst, but has published a glowing report on the company (available in translation), saying Apple has successfully executed a change from being a computer company into becoming an entertainment company.

The report calls the iPod and iTunes combination "second to none", citing the iPod's 75 per cent global market share, and 88 per cent control of the global market for digital music with iTunes. With over 30 million iPods sold so far this year, the market for digital music players is clearly growing.

The report analyses each of Apple's strengths, and looks at some potential product releases, most particularly the so-called 'iPhone'.

The researchers believe that Apple will continue to aggressively protect its iPod and iTunes business, as that section of its business is contributing the most growth to the firm.