Credit Suisse has initiated coverage of Apple Inc (AAPL) with an “outperform” rating and a $200 price target.
In a note to investors, Credit Suisse said that the personal computer market has a potential growth rate of 13.6% in 2008 and 12.7 percent in 2009, which reflects better performance than initially feared in a macro economic downturn.
“We see solid growth for the prominent Apple 3G iPhone driven notably by its evolving economics – iPhone now unlocked, greater subsidies leading to lower retail price and no geographic exclusivity,” Credit Suisse analyst A. Bommelaer added in the note.
In addition, Infineon (IFXGn.DE) may benefit from the Apple iPhone, the analyst noted, adding that Infineon currently supplies 100 percent of digital baseband, power management, and other components for a combined semiconductor content to Apple, at $20 per phone.
[Thanks to MacDailyNews Reader “CS Investor” for the heads up.]