Apple Inc (AAPL)

[fmikehugo]

06:50 AAPL Apple Computer upped to Overweight from Neutral at JP Morgan (38.29 )

Firm says it is now increasingly apparent that there is substantially more upside left for investors; believes that if certain trends continue, even the upward revisions that they are making to their ests may prove conservative. They believe iPod leverage could expand considerably in 2005. Without a significantly better product from a competitor, or a repeal of the DMCA that protects Apple's tightly bundled iPod/iTunes model, Apple's current dominance of the mkt could last beyond next year. In addition, the iPod/Apple Store link may finally be driving computer mkt share. Firm raises rev/EPS ests for DecQ to $0.41/$2.89 bln from $0.29/$2.64 bln (consensus $0.28/$2.51 bln) and for CY05 to $1.35/$10.71 bln from $1.00/$9.77 bln.