Piper's Munster: "Apple Normally Trades Up 40% from Sept. to Year-End" (AAPL)

August 20, 2008 1:48 PM EDT

Appearing on CNBC's mid-day edition of Fast Money, Piper Jaffray analyst Gene Munster discussed Apple's (Nasdaq: AAPL) prospects for the rest of the year. Munster was extremely bullish on Apple as he points out that the stock historically trades up about 47% from September to the end of the year.

Also adding to upside, Munster said Wall Street estimates on Apple are currently too low. He believes Apple will introduce several new developments at its conference in September, including new MacBook Pro's priced at $999 and a redesigned iPod Touch priced at $199. Munster also said that Apple could announce that it will bump its capacity on such devices as the iPod Shuffle, but will likely not redesign the model.

Piper Jaffray currently has a Buy rating and near-Street high price target of $250 on shares of Apple. With Apple trading around $175 today, Piper's price target represents a potential return of more than 40% from current levels.

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
• Gene Munster

Add Your Comment

Name

Subject

Body

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