- Piper Jaffray previews Apple's (NASDAQ:AAPL) qtr noting the co announced the sale of the 100 millionth iPod on 4/9, which implies slight upside to the Street's expectation of 10.7m units. Subtracting total iPod units reported through Dec-06 (~89m units) from the 100m units, and accounting for the 9 days in April, implies Q2 iPod units of ~11m.
Firm recently spoke with 20 Apple resellers and found that 85% are expecting a slight q/q decline (5% to 10%) in Mac sales. The Street is expecting Mac units to fall 10% q/q, so we may see slight upside to Street expectations of 1.45m Macs. The other 15% of Mac resellers expect Mac units to be flat q/q.
Based on two rounds of checks with 50 retail stores selling Vista and Vista-enabled PCs, they expect IDC Mac market share will decline from 2.5% in December to 2.3% in March (see note dated 3/2). Recently released Gartner data for PC shipments in calendar Q1 confirm this thesis (Gartner US share declined from 5.1% in Dec to 5% in March). However, this will represent a y/y market share gain (up from 2.1% in Mar-06). PJ expects market share to bounce back quickly in the June quarter.
Apple typically guides conservatively and they believe the company will guide in line, at best, with Street consensus for the June quarter. Maintains Outperform and $123 tgt.
Notablecalls: Not actionable but good to know category. I suspect the stock may see some buy interest into the qtrly announcement.
Firm recently spoke with 20 Apple resellers and found that 85% are expecting a slight q/q decline (5% to 10%) in Mac sales. The Street is expecting Mac units to fall 10% q/q, so we may see slight upside to Street expectations of 1.45m Macs. The other 15% of Mac resellers expect Mac units to be flat q/q.
Based on two rounds of checks with 50 retail stores selling Vista and Vista-enabled PCs, they expect IDC Mac market share will decline from 2.5% in December to 2.3% in March (see note dated 3/2). Recently released Gartner data for PC shipments in calendar Q1 confirm this thesis (Gartner US share declined from 5.1% in Dec to 5% in March). However, this will represent a y/y market share gain (up from 2.1% in Mar-06). PJ expects market share to bounce back quickly in the June quarter.
Apple typically guides conservatively and they believe the company will guide in line, at best, with Street consensus for the June quarter. Maintains Outperform and $123 tgt.
Notablecalls: Not actionable but good to know category. I suspect the stock may see some buy interest into the qtrly announcement.
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