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Technology Stocks : Mobile Computing - OSs & Manufacturers UNMODERATED

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Dec 4 3:59 PM EST

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From: Road Walker	2/7/2011 10:32:08 AM
	1 Recommendation of 3170

Needham Raises PT on Apple (AAPL) to $450 on Mobile Device Sales 10:02 am ET 02/07/2011 - StreetInsider Needham & Co. analyst Charlie Wolf upped his price target on Apple Inc. (NASDAQ: AAPL) from $375 to $450 on Monday while reiterating a Buy on the stock, noting that the projected sales of the iPhone and iPad may be stronger than expected. Wolf added that the he now sees 300 million smartphones were sold last year, up from his prior estimate of 250 million. The analyst now sees Apple selling 75 million iPhones in 2011, with new provider Verizon (NYSE: VZ) selling 16 million units. Wolf sees Apple rising to 22 percent of total smartphones over the next decade. Wolf sees Apple, despite increased competition from several sources, selling 90 percent or 31 million of the 35 million tablets that he has projected for 2011. "Sales of smartphones have been driven by the carriers who can turn the phones into revenue producers by loading them with their own content, software and services," Wolf said. "However, carriers should play a far more limited role in the distribution of tablets, because tablets are primarily content consumption, not communications devices. We believe the media tablet market will more closely emulate the portable music player market, where the iPod continues to dominate, than the smartphone market." Shares of Apple are up 1 percent to $349.88 in early market movement on Monday.

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