Shares of Apple Computer jumped as much as 16 percent on Monday, to their highest level in more than 4 years, after one Wall Street analyst nearly doubled his price target on the stock.
"Piper Jaffray analyst Gene Munster raised his 12-month price target to $100 from $52, citing a survey conducted by his firm showing that Apple's popular iPod digital music players are helping boost sales of its signature Macintosh computers."
In a research note to clients, Munster said that a survey of 200 iPod users in the United States found that 6 percent were formerly PC users who had bought a Mac after buying an iPod. Another 7 percent of the iPod users surveyed said they planned to buy a Mac in the future.
Munster also said that he believes high levels of customer satisfaction with the digital music player will lead to an increase in Apple sales.
"We believe that the remarkable satisfaction with the iPod creates a word-of-mouth wildfire that generates new customer interest in Apple products," he said.
Apple shares jumped $6.61, or 12 percent, to $61.78 in mid-morning trade on the Nasdaq stock market after rising as high as $64 earlier in the session.