Collins Stewart Upgrades Apple (AAPL) to Buy
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Collins Stewart upgrades Apple (Nasdaq: AAPL) to Buy. Price target $170.
Collins analyst says, "With a critical mass of carrier and OEM sponsorship, Google (Nasdaq: GOOG) open platform is positioned to be a winner in the smart phone segment. Within proprietary stacks, Apple OS with new product launches and lower prices is also positioned to gain share at the expense of Research In Motion (Nasdaq: RIMM) and Microsoft (Nasdaq: MSFT) Windows Mobile. Lower bill of materials ($130) should enable 8GB iPhone to hit the $99 price point and stimulate demand elasticity. The launch with China Mobile (NYSE: CHL) is an additional near-term catalyst. Further out, the launch of iPhone nano in 1H10 should further help Apple expand its current 15% share in the smart phone segment...The known unknowns are the downside to Mac and iPods. Our target of $170 is 20x our F10 earnings estimate of $7.10 plus ~$30 in net cash per share. Technically, the stock has broken through the $107-$138 trading range and does not run into overhead supply until our price target."
To see more analyst ratings on AAPL Click Here.
Apple Inc.designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and sells a variety of related software, services, peripherals, and networking solutions.
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Apple upgrade
Robbie on Jun 3, 2009 10:21 AMLet's see...six weeks ago Collins Stewart downgraded Apple from buy to hold, now they're upgrading? Nothing about the company has changed in that time. Do these people have any idea what they are doing? They are several weeks behind the rest of the lemmings with their upgrade.