Apple, Tech Starts 2013 'Zipping' Higher
JP Morgan analyst Doug Anmuth talked up the social network's ability to make money off its mobile users, which now surpass 600 million of its more than 1 billion monthly users. Anmuth raised his revenue estimates for mobile to $2.37 billion in 2013 and $4 billion in 2014, up from $2 billion and $3.3 billion, respectively. He rates shares "outperform" and lifted his price target to $35 from $29.
Zipcar (ZIP) shares soared 48.42% to $12.23 after the company agreed to be bought by Avis Budget (CAR) for $12.25 a share, a 50% premium to Monday's closing price.
"We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company," Ronald L. Nelson, Avis's chief executive, said in a statement.
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--Written by Chris Ciaccia in New York
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