Credit Suisse First Boston has raised its target price for Apple stock to $70 from $40 and said it is expecting the company to sell nearly 5 million iPods this quarter. “We believe Apple will ship 4.8 million iPods in the December quarter and will once again exit the quarter with a substantial backlog, mostly in international locales,” the firm said. “This iPod number will fall short of some overly aggressive expectations mainly due to a shortage of hard drives, a problem that has plagued the company for over a year, but one we believe will finally be remedied in the calendar first quarter.”
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