W.R. Hambrecht analyst raises Apple target to $257 a share

[MoneyGuy]

SAN FRANCISCO (MarketWatch) -- W.R. Hambrecht analyst Matthew Kather on Monday raised his price target on Apple Inc.'s stock to $257 a share from $238. In a research note, Kather said that despite challenges in consumer spending, he expects Apple's stock to outperform the broader tech market due to the the outlook for Macintosh PC and iPhone sales. Kather said the iPhone "has the potential to be the next major category driver for Apple" heading into 2009. Apple shares gave up $3.35, or 2%, to trade Monday at $158.72.

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