Piper Jaffray’s Gene Munster (who used to work with my dad, went to the same high school as me, and is or was dating my friend Ross’ sister) thinks that Apple might put out some newer, cheaper iPod touch-like devices.
“We believe that the iPod touch is the first of several Internet-connected iPods that Apple is currently developing. With 70% market share, we believe Apple is in the driver’s seat in terms of transforming the portable music market into a portable computing market,”
Munster says that the MP3 player market is slowing and that for Apple’s stock to hit its $250 price target (it’s currently trading at around $130 or so) it’ll likely “introduce cheaper, innovative iPods with Wi-Fi and multi-touch technology,” according to Thomson Financial News.
Apple gains in premarket; Piper Jaffray reiterates buy, $250 price target [CNN/Thompson Financial News]