“A Thomas Weisel Partners analyst cut his earnings estimates and price target for Apple Inc. on Monday, saying the weak economy is having a greater effect on computer and phone demand,” The Associated Press reports.
“Thomas Weisel analyst Doug Reid kept his ‘Overweight’ rating on the stock, saying it was still undervalued compared to Apple’s competition,” AP reports. “Reid now expects Apple to earn $1.05 per share in the current quarter and $5.10 per share in the fiscal year, down from previous per-share estimates of $1.10 and $6.55, respectively. He also cut his 12-month share price target from $130 to $120.”
AP reports, “‘Despite our reduction in estimates, we believe [Apple] shares are undervalued given the company’s strong cash generation capabilities, balance sheet, and clear Mac market share gain momentum,’ Reid wrote.”
Full article here.
