“Piper Jaffray senior research analyst Gene Munster said that the recent sell-off of shares of Apple Computer provides an opportunity to investors during a perceived growth trough. The analyst credited the sell-off of more than 20% over the past three weeks to the perception of investors that the company faces “potential for an air pocket in growth” over the next two quarters resulting from the transition to Intel processors,” Kate DuBose Tomassi reports for Forbes. “The analyst said a lack of readiness from major software vendors such as Quark, Microsoft, and Adobe Systems only compounds the uncertainty factor.”
“However, the analyst said, Apple has multiple means for growth due to multiple initiatives the company has undertaken,” Tomassi reports. “The analyst maintained a rating of ‘outperform’ on Apple shares. ‘To look at a potential short-term trough in these curves and extrapolate the business based on this period is short-sighted in our minds,’ Munster said. The analyst’s price target on Apple is $103.”
Full article here.
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