Apple Inc (AAPL)

[fmikehugo]

07:15 AAPL Apple Computer upped to Outperform from Peer Perform at Bear Stearns, tgt $52 (38.29 ) -- Update --

Bear Stearns upgrades AAPL to Outperform and establishes price tgt of $52 following strong results to reflect AAPL's superior execution, strong operating leverage from its high-growth music biz and multiple product cycles and potential for year-end seasonal strength. Firm believes that AAPL is benefiting from leadership in the music biz where it learned from its mistakes in PCs by partnering and opening to Windows, which broadens mkt reach. Further, its model is driving EPS leverage from superior execution and numerous product cycles. Firm raises EPS ests for FY05 and FY06 to $1.30 and $1.60 from $0.90 and $1.20, respectively.