Buy Apple (AAPL) On Today's Weakness - Ticonderoga
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Price: $432.00 +0.45%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade AAPL Now!
Ticonderoga is defending Apple (NASDAQ: AAPL) mid-day, telling clients to Buy on this pullback.
Analyst Brian White comments, "Given the weakness in the overall market today, supply chain concerns in Japan and general analyst noise, Apple's stock is down nearly 4% today. As such, Apple is now trading at just 11x our CY11 pro forma EPS estimate (excluding net cash per share of nearly $64) or 10x our CY12 pro forma EPS estimate. The overwhelming success of the iPad 2 launch over the past few days and another day of iPad 2 stock-outs this afternoon at Apple stores provides further evidence of the momentum Apple has in the marketplace. As a new growth driver for Apple, the momentum of the iPad franchise is the most important intermediate-term data point as it relates to the fundamentals of Apple; the remaining data points are just short-term noise, in our view. How many other companies in the world would consumers be willing to wait in line for six hours or more to buy a new product?"
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $345.43 yesterday, with a 52 week range of $199.25-$364.90.
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Analyst Brian White comments, "Given the weakness in the overall market today, supply chain concerns in Japan and general analyst noise, Apple's stock is down nearly 4% today. As such, Apple is now trading at just 11x our CY11 pro forma EPS estimate (excluding net cash per share of nearly $64) or 10x our CY12 pro forma EPS estimate. The overwhelming success of the iPad 2 launch over the past few days and another day of iPad 2 stock-outs this afternoon at Apple stores provides further evidence of the momentum Apple has in the marketplace. As a new growth driver for Apple, the momentum of the iPad franchise is the most important intermediate-term data point as it relates to the fundamentals of Apple; the remaining data points are just short-term noise, in our view. How many other companies in the world would consumers be willing to wait in line for six hours or more to buy a new product?"
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $345.43 yesterday, with a 52 week range of $199.25-$364.90.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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