Apple Shares Rise on Bullish Notes From Merrill, Goldman

Apple (AAPL) shares are moving higher in pre-market trading this morning, propelled by bullish research notes from both Merill Lynch and Goldman Sachs.

Goldman Sachs’ David Bailey added the stock today to the firm’s “Americas Conviction Buy List,” and upped his price target to $220 from $185. Bailey said the move is intended to “capture the catalyst around the 3G iPhone launch next month and the upside potential from sharply higher projected iPhone sales in the back half of the year.” Bailey says he continues to see calendar 2008 iPhone unit sales at 11 million, ahead of the company’s 10 million unit target. He also expects continued stellar Mac growth, with units expanding at three times the overall PC market.

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