Canaccord Genuity Morning Coffee on Apple (AAPL): Too Cool for Skool?
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Price: $443.90 +0.40%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Canaccord Genuity Morning Coffee on Apple (NASDAQ: AAPL): Too cool for skool?
While Apple did not attend CES, Canaccord Genuity Technology Analyst Michael Walkley believes its leading market position was evident as competitors introduced new Ultrabook and LTE smartphone products targeted to compete with Apple’s strong product portfolio. While Ultrabooks grabbed many of the headlines at CES, he views Ultrabooks as a Windows alternative to MacBook Air. He believes Apple will continue to gain PC market share by launching a refreshed MacBook Air line in the coming weeks, including a new 15-inch version. Further, Walkley believes Ultrabooks at proposed $700-900 prices will struggle to sell versus competitively priced new MacBook products, as he believes Apple will continue to benefit from its supply chain advantages such as dominant share of the global NAND flash market given growing volumes for iPhones and iPads. Walkley also anticipates Apple will launch the iPad 3 in the coming months. As a result, he believes Apple will continue to grow sales faster than overall computer/tablet markets. Through the 2011 holiday season, his checks indicated Apple’s iPad and Amazon’s (Nasdaq: AMZN) Kindle Fire dominated tablet sell-through trends at the expense of the various competing Android (Nasdaq: GOOG) tablet offerings. While Amazon’s $200 Kindle Fire has taken market share at the low end of the market, Walkley believes this has allowed Apple to further consolidate its share of tablet industry profits as he believes Amazon sells Kindle Fire at a loss. Despite increasing competition, Walkley remains bullish on Apple shares, believing the company is well positioned for a very strong C2012, driven by new products, including the pending refresh of MacBook Air (featuring a new 15-inch model), the iPad 3 launching this spring, the LTE iPhone 5 likely mid-year, and potentially Apple TV exiting C2012.
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While Apple did not attend CES, Canaccord Genuity Technology Analyst Michael Walkley believes its leading market position was evident as competitors introduced new Ultrabook and LTE smartphone products targeted to compete with Apple’s strong product portfolio. While Ultrabooks grabbed many of the headlines at CES, he views Ultrabooks as a Windows alternative to MacBook Air. He believes Apple will continue to gain PC market share by launching a refreshed MacBook Air line in the coming weeks, including a new 15-inch version. Further, Walkley believes Ultrabooks at proposed $700-900 prices will struggle to sell versus competitively priced new MacBook products, as he believes Apple will continue to benefit from its supply chain advantages such as dominant share of the global NAND flash market given growing volumes for iPhones and iPads. Walkley also anticipates Apple will launch the iPad 3 in the coming months. As a result, he believes Apple will continue to grow sales faster than overall computer/tablet markets. Through the 2011 holiday season, his checks indicated Apple’s iPad and Amazon’s (Nasdaq: AMZN) Kindle Fire dominated tablet sell-through trends at the expense of the various competing Android (Nasdaq: GOOG) tablet offerings. While Amazon’s $200 Kindle Fire has taken market share at the low end of the market, Walkley believes this has allowed Apple to further consolidate its share of tablet industry profits as he believes Amazon sells Kindle Fire at a loss. Despite increasing competition, Walkley remains bullish on Apple shares, believing the company is well positioned for a very strong C2012, driven by new products, including the pending refresh of MacBook Air (featuring a new 15-inch model), the iPad 3 launching this spring, the LTE iPhone 5 likely mid-year, and potentially Apple TV exiting C2012.
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