“Apple’s share price has continued to underperform the broader averages, falling 19.6% year-to-date, compared to an 18.8% gain in the S&P 500,” Ciaccia writes. “Apple was once the darling of Wall Street, as it could seemingly do no wrong, selling more iPhones and iPads than anyone thought imaginable. Now, the perception and reality on Apple has changed, but the company’s fiscal third-quarter earnings report could start to change all that.”
Ciaccia writes, “Topeka Capital Markets analyst Brian White believes the attention is starting to shift in a positive way for Apple, as investors start to look toward next year. ‘With Apple on the verge of what we believe will be a major product cycle over the next 12-18 months and the stock trading at an anemic 6x CY14 P/E multiple (ex-cash), we believe it would be shortsighted to place too much emphasis on the Company’s near-term financial performance,’ White wrote in his report.”
Read more in the full article here.
MacDailyNews Note: Apple will provide live audio streaming of its Q313 Third Quarter Results Conference Call using Apple’s industry-leading QuickTime multimedia software. The live webcast will begin at 2:00 p.m. PDT on Tuesday, July 23, 2013 here and will also be available for replay for approximately two weeks thereafter. The webcast is available on any iPhone, iPad or iPod touch running iOS 4.2 or above, any Mac running OS X 10.5 or above or any PC running QuickTime 7 or later.
As usual, MacDailyNews will provide live notes of Apple’s Q313 conference call today at 5pm EDT. Check our home page for the link later today at approximately 4:45pm EDT.