- Piper Jaffray comments on Apple (NASDAQ:AAPL) following results saying the co shipped 1.76m Macs in the June quarter, and the Street was expecting 1.61m units. Clearly, Apple's core business, the Mac business, is strong.
Apple shipped 9.8m iPods in the June quarter, and the Street was expecting 9.87m units. It is clear that Apple's second core business is also strong. Surprisingly, iPod ASPs remain flat at $160. This is evidence that the digital media player market remains healthy.
Apple reported sales of 270k iPhone units in the last two days of the quarter. While the firm believes this number is in line with revised Street thinking, they view the result as a positive. More importantly, Apple expects to ship 1m total iPhone units by the end of the Sept. quarter and reaffirmed its expectation of 10m iPhone units by the end of CY08.
While they are lowering their iPhone unit numbers for Sept. from 1m to 800k, they are not changing outlook for iPhone sales beyond the Sept. quarter. Firm's belief all along has been that there is a surge in iPhone sales coming, but that the inflection point is hard to predict.
Several times on last night's conference call, Apple indicated that there are product transitions coming in the Sept qtr. Firm believes there is an 80% chance that this product transition is the new iMac and a 40% chance it is related to both the iMac and the iPod.
Maintains Outperform and ups tgt to $211 from $205.
Notablecalls: I don't see a trade here. As Piper is the most important firm covering AAPL (they always seem to be at least one step ahead with their est/tgt raises. Take their $205 tgt a week back while others were still around $150-$160. Deutsche is taking their tgt to $200 today, btw) I thought NC readers would enjoy the deets.
Apple shipped 9.8m iPods in the June quarter, and the Street was expecting 9.87m units. It is clear that Apple's second core business is also strong. Surprisingly, iPod ASPs remain flat at $160. This is evidence that the digital media player market remains healthy.
Apple reported sales of 270k iPhone units in the last two days of the quarter. While the firm believes this number is in line with revised Street thinking, they view the result as a positive. More importantly, Apple expects to ship 1m total iPhone units by the end of the Sept. quarter and reaffirmed its expectation of 10m iPhone units by the end of CY08.
While they are lowering their iPhone unit numbers for Sept. from 1m to 800k, they are not changing outlook for iPhone sales beyond the Sept. quarter. Firm's belief all along has been that there is a surge in iPhone sales coming, but that the inflection point is hard to predict.
Several times on last night's conference call, Apple indicated that there are product transitions coming in the Sept qtr. Firm believes there is an 80% chance that this product transition is the new iMac and a 40% chance it is related to both the iMac and the iPod.
Maintains Outperform and ups tgt to $211 from $205.
Notablecalls: I don't see a trade here. As Piper is the most important firm covering AAPL (they always seem to be at least one step ahead with their est/tgt raises. Take their $205 tgt a week back while others were still around $150-$160. Deutsche is taking their tgt to $200 today, btw) I thought NC readers would enjoy the deets.
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