Piper Jaffray: Apple’s a ‘Buy’ with January Mac and iPod sales off just 6% and 14% respectively

Apple StoreApple’s January Mac unit sales were off 6% and iPod sales were down 14% year-over-year, according to NPD data released Tuesday.

“The Street was expecting Mac sales to be off by only 4% and iPod sales off 11%, according to Piper Jaffray’s Gene Munster,” Philip Elmer-DeWitt reports for Fortune.

“In a report to clients issued Tuesday afternoon, Munster estimated that Mac sales for the March quarter (Apple’s second fiscal quarter) will be somewhere between 2 and 2.2 million units,” Elmer-DeWitt reports. “iPod sales should come in around 9 to 10 million units… Munster saw the Mac numbers as ‘a neutral or slight positive’ given the general uncertainty about the whole economy this quarter.”

Elmer-DeWitt reports, “Munster also found something to cheer about in the iPod numbers, even though he now expects unit sales to fall 6% to 15% by the end of the quarter. ‘Given concerns regarding iPod weakness,’ he writes, ‘we believe the segment’s in-line performance relative to Street expectations is a positive.’ He was also pleased by the average price for iPods in January, which was up 4%. He had expected it to fall 3%.”

Munster reiterated his “Buy” rating on Apple (AAPL) shares with a 12-month price target of $180.

Full article here.

[Thanks to MacDailyNews Reader “JES42” for the heads up.]

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