Lehman Brothers analysts has raised its target price on Apple stock from $160 to $190 per share.

Analyst Harry E Blount repeated his "overweight" assessment on the company's stock, predicting Apple's share value will climb across the rest of the year, buoyed by strong sales in the September quarter.

The analyst pointed to numerous catalysts for Apple's future success, including the imminent launch of Mac OS X 10.5 'Leopard' and new product launches projected for announcement at Macworld Expo, San Francisco in January 2008.

The analyst expects Apple to reveal better-than-expected results for the September quarter due to falling component prices and the company's continued better than industry average growth in sales of its products, including the iMac and Apple laptop range.

iPhone sales are expected to remain strong on strength of lower prices and the European roll-out of the device.

Apple will report its quarterly results on 22 October.