Oppenheimer analyst Yair Reiner has initiated coverage of Apple (AAPL) with an “Outperform” rating and $235 price target.
In a research note to clients, Reiner wrote, “We believe Apple is ideally positioned to drive and benefit from the ongoing transformation of the home PC form efficiency tool to media center, and of the wireless handset from mobile phone to media-centric pocket computer.”
Eric Savitz reports for Barron’s, “Reiner thinks demand for the 3G iPhone will be ‘much stronger’ than the Street is modeling, and that its success will draw ‘significant numbers of new adherents to Apple’s Mac offerings.’ He thinks Apple can boost its share of the worldwide PC market to 5.3% by 2012, from 3% recently. He sees Apple selling 14.5 million iPhones in calendar 2008, well above the company’s 10 million unit target, and 28 million units in 2009.”
“Reiner expects Apple to earn $5.30 a share in the September 2008 fiscal year, and $6.82 in FY 2009, which is well ahead of the Street at $5.21 and $6.32,” Savitz reports.
Full article here.