Ticonderoga Maintains a 'Buy' on Apple (AAPL); Upgrades Digital Ecosystem and Finally Brings iTunes Into the Cloud
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Price: $305.93 +0.22%
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga maintains a 'Buy' on Apple (NASDAQ: AAPL), PT $612.
Ticonderoga analyst says, "Yesterday, Apple unveiled three new innovations at the annual Worldwide Developers Conference (WWDC) that included updated operating systems such as OS X Lion and iOS 5, combined with a new service called iCloud that moves the digital hub from the PC and into the cloud. In our view, these new announcements further strengthen Apple's digital ecosystem by providing consumers with increased functionality, enhanced ease of use, greater efficiency and cool new features that we believe will drive further adoption of Apple devices in the future. At the same time, the presence and active participation by Steve Jobs during the keynote is clearly a positive, in our view. Trading at just 10x our CY11 pro forma EPS estimate (ex-cash), we remain aggressive buyers of Apple during this consolidation."
"Clearly, the most anticipated app for iCloud was bringing iTunes into the cloud, allowing consumers to push already purchased songs into the cloud across Apple devices, while automatically downloading future song purchases across devices. Additionally, Apple announced iTunes Match, which allows non-iTunes music to be matched with the 18 million songs in the iTunes store for download into iCloud. Those songs that are not available on iTunes will need to be manually downloaded. Apple will charge $24.99 per year for iTunes Match and lower than Amazon (Nasdaq: AMZN)(NotRated), while pricing is expected to be below Google (Nasdaq: GOOG)(NR)."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $338.04 yesterday.
Ticonderoga analyst says, "Yesterday, Apple unveiled three new innovations at the annual Worldwide Developers Conference (WWDC) that included updated operating systems such as OS X Lion and iOS 5, combined with a new service called iCloud that moves the digital hub from the PC and into the cloud. In our view, these new announcements further strengthen Apple's digital ecosystem by providing consumers with increased functionality, enhanced ease of use, greater efficiency and cool new features that we believe will drive further adoption of Apple devices in the future. At the same time, the presence and active participation by Steve Jobs during the keynote is clearly a positive, in our view. Trading at just 10x our CY11 pro forma EPS estimate (ex-cash), we remain aggressive buyers of Apple during this consolidation."
"Clearly, the most anticipated app for iCloud was bringing iTunes into the cloud, allowing consumers to push already purchased songs into the cloud across Apple devices, while automatically downloading future song purchases across devices. Additionally, Apple announced iTunes Match, which allows non-iTunes music to be matched with the 18 million songs in the iTunes store for download into iCloud. Those songs that are not available on iTunes will need to be manually downloaded. Apple will charge $24.99 per year for iTunes Match and lower than Amazon (Nasdaq: AMZN)(NotRated), while pricing is expected to be below Google (Nasdaq: GOOG)(NR)."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $338.04 yesterday.
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