AmTech Reviewing Apple (AAPL) Estimates Following Official 3G iPhone Release; Reiterates Buy
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American Technology Research reiterates its Buy rating and $220 price target on Apple (Nasdaq: AAPL) following yesterday's keynote at WWDC where Steve Jobs unveiled the 3G iPhone.
The firm said the announcement that the 3G iPhone will be available in 70 countries expands Apple's total available market from 153 million to 688 million. Also, AmTech called the new price points ($199 for 8 GB and $299 for 16 GB) "somewhat aggressive and at the lower-end of expectations", but believes this will be offset by carrier subsidies that will likely help drive adoption. The firm estimates these subsidies could be in the range of $200-$400 per iPhone.
On June 5, AmTech previewed items that it thought Apple would highlight at the conference. In this report, the firm estimated that for every 1 million additional iPhone units, EPS would be affected by about $0.15-$0.20. Now that the details concerning the 3G iPhone have been released, AmTech said it is reviewing its forward estimates as it now estimates that incremental 1 million iPhones represents only about $0.10-$0.15 in EPS "over 8 quarters..."
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.
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