As Apple's stock trades near its 52-week high, analyst firm Ragen MacKenzie has issued positive comment about the company.
In the statement, the company told CBS MarketWatch: "At this level, we feel the stock discounts a number of positive outcomes including ongoing improvement in PC sales, as well as solid execution and rising profit margins at Apple."
The group also notes that Wall Street's thoughts about the company have improved, following Apple's successful product launches. "Consensus financial forecasts can continue to move higher," the report states.
Ragen MacKenzie is a division of Wells Fargo Investments. Apple's stock has achieved the firm's 12-18 month target price of $22.
Apple chief financial officer Fred Anderson will speak with the financial community today at the Smith Barney Citigroup 2003 technology conference today at 2.20pm EDT (7.20pm GMT). His presentation will be audio webcast.
Apple stock closed at $22.85 yesterday.