Piper Jaffay Analyst Comments on Apple (AAPL) NPD Data - Is iPad Cannibalizing iPod and Mac Sales?
Piper Jaffay analyst comments on new Apple (Nasdaq: AAPL) data to be released today.
Piper comments on iPods, saying, "As we enter 1H10, the y/y growth rate comps for monthly NPD iPod units also ease. Specifically, the y/y growth rate comps for iPod NPD units in 1H10 is -14% on average, which compares to a -3% y/y average comp in 2H09."
On iPad, "The iPad Effect: NPD Data Could Give Early Sign Of iPad's Cannibalization of Mac or iPod Sales. The iPad launched in US Apple retail stores on 4/3, impacting nearly the entire month of Apple's sales in April. As a result, April NPD data will give us the first sign of whether or not the iPad cannibalizes iPod or Mac sales.
Overview, "We are modeling Mac sales to up 19% y/y and iPod down 9% in the June quarter, which we believe provides useful bogies for the NPD data. As a point of reference, the Mac NPD for the month of March was up 7% y/y. Using monthly NPD units as a proxy, our analysis of y/y Mac growth rates show that comps ease in 1H10, and the month of April-10 in particular."
NOTE - Piper maintains an 'Overweight' rating on $323 price target on Apple.
To see all the upgrades/downgrades on shares of AAPL, visit our Analyst Ratings page.
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