Piper Jaffray Adds Apple (AAPL) to Alpha List; Reiterates Buy

September 2, 2008 7:37 AM EDT

Piper Jaffray adds Apple (Nasdaq: AAPL) to its Alpha List, meaning the firm sees stock price appreciation of at least 5% over the next 90 days due to near-term catalysts. Piper's Gene Munster reiterates his Buy rating and $250 price target on three potential catalysts:

• on Sept. 15 Apple will have completed the most aggressive back-to-school promotion ever. Munster believes the Street is currently underestimating this promotions impact on September Mac and iPod units.
  
• historically, shares of Apple have traded about 47% higher from September to year-end. Although Apple has not yet announced it, Piper believes the company will host a special event early this month unveiling new iPods and redesigned Mac portables.
  
• the firm believes the iPhone's international rollout is being underappreciated by the Street and notes that in August Apple raised its addressable subscriber base for the iPhone from 370 million to 660 million by adding 34 new carriers in 21 new countries.

Apple, Inc. designs, manufactures, and sells personal computers, portable digital music players, and mobile communication devices, as well as related software, services, peripherals, and networking solutions worldwide.

Related Categories

Analyst Comments
Insiders' Blog

Stocks Mentioned

Related Entities

• Piper Jaffray
• UBS
• Piper Jaffray Alpha List
• Gene Munster

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?