“Apple’s (AAPL) shares have dropped $24.52 (6.8%) in the past three trading days for reasons that have nothing to do with the company’s underlying business. In a note to clients issued Wednesday, Piper Jaffray’s Gene Munster tries to bring the subject back to Apple’s fundamentals,” Philip Elmer-DeWitt reports for Fortune.
• He expects the iPhone, which represents 39% of Apple’s revenues today, to at least keep pace with the smartphone’s current growth rate of 35% per year and sell 200 million units in 2015. That implies that more than 40% of Apple’s revenue stream will grow at the rate of 35% per year from 2013 to 2015.
• He expects the iPad to grow faster than the iPhone, and the Mac and iPod to grow more slowly.
• “The net,” he writes, “is we believe a sustainable 25-30% growth rate in earnings could be achievable through 2015.”
Read more in the full article, including why Apple is in a position to significantly expand its iPhone user base here.
[Thanks to MacDailyNews Reader “Dow C.” for the heads up.]