Munster Says Apple (AAPL) Will Have 'Good' Q3, but 'Huge' September and December Quarters
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Piper Jaffray's Gene Munster, discussing Apple's (Nasdaq: AAPL) upcoming quarterly results on CNBC's Fast Money, said that "now's a good time to own Apple" but that Piper is being somewhat conservative on the tech bellweather. Wait a second... Munster... conservative... on Apple? Huh?
For those of you who don't know the tech analyst, Munster has been extremely bullish -- even pollyannaish -- on Apple over the last few years, including during its 50% plunge last year.
Well whatever he meant by "conservative", Munster later spilled the beans, saying he is expecting Apple to report Q3 EPS of $1.21, a whole 6 cents better than the Street's current consensus estimate. Now I'm really getting confused...
Munster explained himself by pointing out that the newest Apple products were released too recently to have any large impact on Q3 results. Instead, Munster expects strong performance from these summer products, such as the iPhone 3G S, boosting earnings during the last two quarters of the year. Munster also noted that Apple "pretty much hit a wall" during the last two quarters in '08, so this year's September and December quarters will be pitted against very easy comps.
So is a "good" June quarter, but a "huge" September and December quarter what Munster meant by "conservative"?. Well, I'm not convinced.
Could we have just seen the first glimpse of a hesitation by the perma-bull Munster or was he just throwing in a little caveat there? We'll all find out on July 21 when Apple reports Q3 results...
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Comments
Apple OK but economy is not
Grain of salt time. As the DJIA slides, so does Apple. Apple can't manage to sell enough products to boost it's stock price as the DJIA continues to drop. Investors are not interested in Apple. Many fans thought Apple would be sitting around $160 about now. Instead it's closer to $140 and struggling despite the fact that people can't get enough of the iPhone 3GS. Apple is doing OK but the economy is still struggling. More cash reserve for Apple as usual, but nothing for investors.
Apple Earnings July 21
I'm looking for $1.45-1.52
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He was right...
Jon T on Jul 8, 2009 10:21 AMEveryone was predicting Apple would have trouble selling their premium products in a recession and marked APPL down. There has been NO recession for APPL. It has broken new performance records. It will be huge once the recession really is behind us.