Ticonderoga Maintains a 'Buy' on Apple (AAPL); Concerns on iPad 2 Delay Are Overblown; Buy Apple on the Pullback
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Price: $441.35 +0.38%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade AAPL Now!
Ticonderoga maintains a 'Buy' on Apple (NASDAQ: AAPL), PT $550.
Ticonderoga analyst says, "Given market speculation based on a Bloomberg story that the iPad 2 release will be delayed by a couple of months from original expectations of an April release, Apple's shares took another hit yesterday. We had originally indicated that production in the supply chain was planned for January for iPad 2 versus February for iPad 1; however, we believe last minute design changes occurred up until the Chinese New Year that resulted in overtime hours during the recent holiday. With these changes implemented, we believe volume production has already started at certain suppliers and in line with time frame around the iPad 1 ramp, which we believe sets up well an April launch date versus yesterday's market speculation for a delayed launch into June. With Apple down 7% over the past several days and trading at just 11x (ex-cash) our CY11 pro forma EPS estimate, we believe the stock represents an attractive entry point for investors."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $338.61 yesterday, with a 52 week range of $195.71-$364.90.
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Ticonderoga analyst says, "Given market speculation based on a Bloomberg story that the iPad 2 release will be delayed by a couple of months from original expectations of an April release, Apple's shares took another hit yesterday. We had originally indicated that production in the supply chain was planned for January for iPad 2 versus February for iPad 1; however, we believe last minute design changes occurred up until the Chinese New Year that resulted in overtime hours during the recent holiday. With these changes implemented, we believe volume production has already started at certain suppliers and in line with time frame around the iPad 1 ramp, which we believe sets up well an April launch date versus yesterday's market speculation for a delayed launch into June. With Apple down 7% over the past several days and trading at just 11x (ex-cash) our CY11 pro forma EPS estimate, we believe the stock represents an attractive entry point for investors."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $338.61 yesterday, with a 52 week range of $195.71-$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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