“Bear Stearns analysts Andrew J. Neff, William Hand and Ted Chung sent a note to clients Sunday, downplaying current ‘investor anxiety’ for Apple (AAPL) in light of reports that falling NAND memory pricing signals weakness in iPod sales. The analysts maintained their revenue and earnings estimates for the Apple,” The Consumer Electronics Stock Blog reports. Key quotes from the note include, “iPod appears to be tracking down about 20-25% seq, which is still better than Street at ~9-10mm and in line w/ our 10.5mm est. While the Intel transition remains a near-term issue, the CPU biz is now only ~35% of revs, Adobe software w/ native Intel support could come by year end, and AAPL-branded software (Aperture, Final Cut Pro) is due by end of March… Given our confidence in demand for iPods (new products, ongoing leadership) and Macs (potential replacement cycle/new users), we see current uncertainty and stock weakness as a buying opportunity, with AAPL’s P/E at 16x our CY07 operating EPS est. and 18x on Street oper EPS. Despite negative sentiment, we prefer to own the shares when expectations are tempered and maintain our CY06 target of $103.”
Full article here.
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Citgroup analyst expects ‘fairly eventful’ Apple announcement around 30th anniversary on April 1st – March 13, 2006
Citigroup ups Apple to ‘buy,’ expects Intel transisiton to be complete in all Macs by August – March 13, 2006