Tuesday, February 26, 2008

Apple (NASDAQ:AAPL): Piper Jaffray also positive this AM

- Piper Jaffray's Gene Muster is also out positive on Apple (NASDAQ:AAPL) this morning noting that while it is way too early to make a definitive call on March qtr iPod units, they have analyzed the first month of NPD data (Jan.) for the quarter and found that it suggests iPod units of 9.5m-10.3m.

Street consensus for March qtr iPods is 10.8m, representing a 2% y/y increase;the midpoint of the 9.5m-10.3m range suggests a 6% y/y decline.

Firm sees this data point as a slight positive, given recent Street chatter of a very weak iPod number for the qtr, and notes that the monthly contribution they have factored in for Feb. & March may be prove to conservative given the iPod shuffle price cut on 2/19, leading to a more back-end-loaded qtr for iPod units.

Reits Outperform, Alpha List status and $250 tgt.

Notablecalls: So, now we have 2 pos/supportive calls on AAPL this morning. My conviction regarding the n-t bounce thesis grows. As I noted below, I think the slowdown in iPod's has been fully priced in here.

Should this be Actionable? In a way, yes.

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