Apple's (AAPL) International iPhone Rollout 8 Months Ahead of Schedule -Piper Jaffray

May 16, 2008 2:07 PM EDT

Piper Jaffray is out with a research note this afternoon taking a closer look at Apple's (Nasdaq: AAPL) international iPhone rollout. The firm currently has a Buy rating and $250 price target on shares of Apple.

Following Orange's announcement today that the iPhone will be available in 11 countries by the end of 2008, the firm raised Apple's total addressable market for the iPhone from 153 million subscribers in 6 countries to 575 million subscribers in 42 countries. This announcement appears substantial for Apple shareholders as Piper Jaffray believes that "Apple will trade on unit numbers for the next year or more."

Piper feels that today's announcement places Apple's international iPhone roll-out about "8 months ahead" of its original estimates. Also, Piper has increased confidence that Apple will meet the firm's unit estimates of 12.9 million iPhones in CY08 and 45 million iPhones in CY09. Piper believes that Apple will see a penetration rate of 3% of its total addressable market in CY08 and 6% in CY09.

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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