Canaccord Genuity Morning Coffee on Apple (AAPL): As Seen On CNBC
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Price: $316.83 +2.19%
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
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Canaccord Genuity Morning Coffee on Apple (Nasdaq: AAPL): As seen on CNBC.
Since attending the iPad launch last week, Canaccord Genuity Technology Analyst Michal Walkley’s checks have indicated record pre-orders with wait times for shipping iPad models now reaching 2-3 weeks. He believes Apple has extended its leadership position in the fast growing tablet market, and has increased our 2012 and 2013 iPad tablet share estimates. Walkley believes the new iPad has raised the bar relative to competing tablets with impressive hardware specs, competitive pricing, and the leading software ecosystem of over 200k iPad-specific applications. At Mobile World Conference, his meetings with Android OEMs focused on smartphones as tablet OEMs indicated difficulty competing with the iPad 2, let alone the new iPad. Walkley also believes Apple’s pricing of the new iPad ($499 for WiFi-only, $629 for 4G base models) and iPad2 (reduced to $399 for WiFi-only, $529 for 3G base models) will enable the company to maintain dominant tablet share, address more price elastic international markets, and further penetrate verticals such as enterprise and education. He is raising his C2012 iPad unit estimate to 65.6 million from 55.9 million and his C2013 estimate to 90.6 million from 79.7 million, resulting in him increasing his F12 pro forma EPS estimate to $44.58 from $42.81 and his F13 estimate to $50.68 from $47.47. Given the new iPad’s leading hardware specs and iOS developer and application ecosystems versus all tablet competitors, Walkley anticipates Apple will continue to dominate both market and value share of the growing tablet market in C2012-13. Walkley remains bullish on Apple shares and is raising his target price on the higher iPad estimates.
Since attending the iPad launch last week, Canaccord Genuity Technology Analyst Michal Walkley’s checks have indicated record pre-orders with wait times for shipping iPad models now reaching 2-3 weeks. He believes Apple has extended its leadership position in the fast growing tablet market, and has increased our 2012 and 2013 iPad tablet share estimates. Walkley believes the new iPad has raised the bar relative to competing tablets with impressive hardware specs, competitive pricing, and the leading software ecosystem of over 200k iPad-specific applications. At Mobile World Conference, his meetings with Android OEMs focused on smartphones as tablet OEMs indicated difficulty competing with the iPad 2, let alone the new iPad. Walkley also believes Apple’s pricing of the new iPad ($499 for WiFi-only, $629 for 4G base models) and iPad2 (reduced to $399 for WiFi-only, $529 for 3G base models) will enable the company to maintain dominant tablet share, address more price elastic international markets, and further penetrate verticals such as enterprise and education. He is raising his C2012 iPad unit estimate to 65.6 million from 55.9 million and his C2013 estimate to 90.6 million from 79.7 million, resulting in him increasing his F12 pro forma EPS estimate to $44.58 from $42.81 and his F13 estimate to $50.68 from $47.47. Given the new iPad’s leading hardware specs and iOS developer and application ecosystems versus all tablet competitors, Walkley anticipates Apple will continue to dominate both market and value share of the growing tablet market in C2012-13. Walkley remains bullish on Apple shares and is raising his target price on the higher iPad estimates.
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