Analysts upgrade Apple stock stance

Stronger than expected sales of Macs have seen analysts upgrade their stance on Apple shares, with Bank of Montreal analyst Keith Bachman amongst those issuing updated investment notes to their clients.

Bachman added to recent comments from other analysts such as Charles Wolf, saying that demand for the 3G iPhone was likely to continue driving sales of Mac computers. He upgraded his expectations for Mac sales, saying that as many as 2.5 million may have been shipped during the quarter ending June.

He also estimated that sales may see growth of 26 per cent over the year, far in excess of the industry average which is expected to come in at around 11.5 per cent to 12 per cent.

Source: MacWorld