“Apple Computer Inc. shares jumped in morning trading on Tuesday after an analyst predicted the company could have a ‘breakout’ fourth quarter, and another analyst upgraded the stock,” The Associated Press reports. “Piper Jaffray analyst Gene Munster said that based on checks with Apple resellers, sales of MacBook Pro laptop computers may be up from last year, and while iPod sales are solid, demand has softened from early spring. Munster’s research also indicated that iPod sales got a bounce in May and June from graduation gift giving. The big news, though, according to Munster, could be in the fiscal fourth quarter ending in September.”
‘”We believe September has the potential to be a breakout quarter for Apple due to the convergence of the following factors: back-to-school selling season, full availability of MacBook and MacBook Pro, Boot Camp impact on overall Mac demand, PC-to-Mac switcher ad campaign, and the halo effect,’ Munster wrote in a note,” AP reports.
Also this morning, Needham analyst Charlie Wolf upgraded AAPL shares from “Hold” to “Buy” with a $90 price target. “The driver of our upgrade is the increase in Mac shipments that should result from its ability to run Windows applications. Our survey of Windows users in the U.S. home market … indicated that 8 percent of them would switch once the Mac ran Windows,” Wolf wrote in a note.
Full article here.
MacDailyNews Take: There was never anything wrong with Apple’s fundamentals. Some might say that the share price was systematically and artificially lowered (Bear Raid) so that those who missed their chance with Apple previously could get in on the action. Whatever the case may be, all aboard, let the real “action” finally begin!
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Analyst: Apple Mac market share primed to explode; iPod Halo Effect to become increasingly important – June 13, 2006
Cramer: ‘I have never seen a systematic, multiweek bear raid like I have on Apple Computer’ – March 27, 2006