Ticonderoga Maintains a 'Buy' on Apple (AAPL); Wintek's March Sales Surge 40% M/M on iPad 2 Ramp
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Price: $433.26 -0.3%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Ticonderoga maintains a 'Buy' on Apple (NASDAQ: AAPL), PT $550.
Ticonderoga analyst says, "This morning, a leading Apple touch panel supplier, Wintek , released consolidated March sales of NT$8.38 billion that increased by a sharp 40.3% M/M. We believe Wintek is involved in the majority of the iPad 2 touch panel business with Apple and also has exposure to the iPhone 4, while TPK is also an important touchscreen supplier for both products. We believe Wintek's March sales surge highlights the strong ramp for the iPad 2, and we expect to get more details from the Apple supply chain over the next week as monthly sales from TPK and other suppliers are released. Keep in mind, Wintek is the first company in our Taiwan Barometer universe to report March sales, and we believe one of the first in the entire Taiwan tech supply chain to post results. Given the increasingly positive data points surrounding the success of the iPad 2 launch, we believe our iPad unit forecast of 27.4 million for FY11 and 37.5 million for FY12 remains very conservative."
"We believe the iPad 2 momentum at the end of March positions Apple well to benefit from a healthy uptick in demand for the iPad 2 in the June quarter. Given the continued iPad 2 stock-outs around the world, we expect the news flow surrounding the iPad 2 to remain positive over the next several of weeks."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $348.51 yesterday, with a 52 week range of $199.25-$364.90.
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Ticonderoga analyst says, "This morning, a leading Apple touch panel supplier, Wintek , released consolidated March sales of NT$8.38 billion that increased by a sharp 40.3% M/M. We believe Wintek is involved in the majority of the iPad 2 touch panel business with Apple and also has exposure to the iPhone 4, while TPK is also an important touchscreen supplier for both products. We believe Wintek's March sales surge highlights the strong ramp for the iPad 2, and we expect to get more details from the Apple supply chain over the next week as monthly sales from TPK and other suppliers are released. Keep in mind, Wintek is the first company in our Taiwan Barometer universe to report March sales, and we believe one of the first in the entire Taiwan tech supply chain to post results. Given the increasingly positive data points surrounding the success of the iPad 2 launch, we believe our iPad unit forecast of 27.4 million for FY11 and 37.5 million for FY12 remains very conservative."
"We believe the iPad 2 momentum at the end of March positions Apple well to benefit from a healthy uptick in demand for the iPad 2 in the June quarter. Given the continued iPad 2 stock-outs around the world, we expect the news flow surrounding the iPad 2 to remain positive over the next several of weeks."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $348.51 yesterday, with a 52 week range of $199.25-$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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