Apple stock rose yesterday following bullish forecasts from several analysts.
Piper Jaffray analysts spent six hours monitoring traffic at Apple stores on Thanksgiving weekend, and they found that 27 per cent of people walking within 25-feet of an Apple store walked inside.
While not every store visitor bought anything, the effect was significant, the analysts explain: "The important point is this gravitational pull highlights that consumers' future buying intentions could be shifting to Apple from PCs. If materialized, this shift should benefit Apple in 2008 and 2009."
Piper Jaffray termed the stock a 'buy' with a $250 target price. Cross Research analysts noted that Apple products comprise five of the top ten bestsellers in computers and PC hardware on Amazon.com.
"We continue to expect Apple sales to be strong this holiday quarter, benefiting from continued strong demand for Macs, a refreshed iPod line, a 19 per cent year-over-year increase in Apple stores, and iPhone availability," the firm's note added.
Noting strong demand for Apple products overall, particularly for the iPod Touch, 8GB nano and MacBook, Deutsche Bank reiterated its buy rating and $225 price target for Apple.
Finally, JP Morgan observed that Mac sales are gaining momentum and threaten to seize PC marketshare.