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Buy Apple' - Needham repeats upbeat rating

Time: 11:21 EST/16:21 GMT | News Source: Macworld UK | Posted By: Byron Hinson

Needham & Co analyst Charles Wolf has reaffirmed his 'Buy' rating on Apple stock, and predicts a price target of $27. Wolf has reduced earnings estimates for 2004 to $0.50 from $0.55 per share, reflecting lower gross margins as Apple "changes its product mix". Despite this, the company "exceeded expectations" in the just-gone quarter.

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