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Apple rises after Pacific Crest ups target

Shares of Apple (AAPL) climbed as high as US$54.77 in early trading today after Pacific Crest Securities analyst Steve Lidberg raised his target price on Apple to $63 a share. Lidberg’s increase was due to a 2006 earnings estimate of $1.65 a share, improved shipment times for the iMac G5 and the upward look for Apple’s margins over the next two years.

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