“Standard & Poor’s analyst Tom Smith today raised his rating on Apple (AAPL) to Strong Buy from Buy on a valuation basis, but cut his price target to $127, from $137 and trimmed estimates,” Eric Savitz reports for Barron’s.
“Smith cut his estimates today to reflect weaker technology spending trends: for the September 2009 fiscal year, he goes to $5.50, from $5.70, and for FY 2010 he goes to $6.75, from $7.30,” Savitz reports.
“But he asserts that ‘while most peers also face weak demand, we believe AAPL has better potential for market-share gains in PCs and smart phones.’ He also notes that the company has over $24 billion in cash and investments and zero debt,” Savitz reports.
Full article here.
[Thanks to MacDailyNews Reader “JES42” for the heads up.]